How do you report risk assessment and mitigation results?

1 Define the scope and objectives

The first step in reporting risk assessment and mitigation results is to define the scope and objectives of the report. The scope should specify the boundaries and limitations of the risk assessment and mitigation, such as the project phases, locations, systems, and activities covered. The objectives should state the purpose and goals of the report, such as the compliance requirements, the risk management framework, and the expected outcomes. By defining the scope and objectives, you can set the context and expectations for the report and avoid confusion and ambiguity.

2 Summarize the methodology and tools

The next step in reporting risk assessment and mitigation results is to summarize the methodology and tools used to conduct the risk assessment and mitigation. The methodology should describe the steps and procedures followed to identify, analyze, evaluate, and treat the risks, as well as the assumptions, criteria, and standards applied. The tools should indicate the data sources, models, software, and techniques used to support the risk assessment and mitigation, such as hazard identification checklists, risk matrices, fault tree analysis, Monte Carlo simulation, and cost-benefit analysis. By summarizing the methodology and tools, you can demonstrate the validity and reliability of the risk assessment and mitigation results and provide references for further details.

3 Present the risk register and matrix

The third step in reporting risk assessment and mitigation results is to present the risk register and matrix. The risk register is a document that lists all the identified risks, their causes, consequences, likelihood, impact, rating, and mitigation measures. The risk matrix is a graphical representation that plots the risks according to their likelihood and impact, and assigns them to different categories, such as low, medium, high, and extreme. By presenting the risk register and matrix, you can provide a comprehensive and visual overview of the risk profile and status of the project and highlight the key risks and mitigation actions.

4 Discuss the risk analysis and evaluation

The fourth step in reporting risk assessment and mitigation results is to discuss the risk analysis and evaluation. The risk analysis and evaluation is the process of quantifying and comparing the risks and their effects on the project objectives, such as cost, schedule, quality, safety, and environment. The risk analysis and evaluation can use various methods and metrics, such as probability distributions, sensitivity analysis, expected value, risk exposure, risk appetite, and risk tolerance. By discussing the risk analysis and evaluation, you can explain the rationale and logic behind the risk rating and prioritization and show the impact and uncertainty of the risks on the project performance.

5 Explain the risk mitigation and monitoring

The fifth step in reporting risk assessment and mitigation results is to explain the risk mitigation and monitoring. The risk mitigation and monitoring is the process of selecting and implementing the appropriate risk responses and controls to reduce the likelihood and impact of the risks, as well as tracking and reviewing the effectiveness and efficiency of the risk management. The risk mitigation and monitoring can involve various strategies and actions, such as avoidance, transfer, reduction, acceptance, contingency, escalation, and audit. By explaining the risk mitigation and monitoring, you can demonstrate the actions and responsibilities taken to manage and minimize the risks and report the progress and results of the risk management.

6 Provide the recommendations and conclusions

The final step in reporting risk assessment and mitigation results is to provide the recommendations and conclusions. The recommendations and conclusions should summarize the main findings and outcomes of the risk assessment and mitigation, as well as suggest the next steps and improvements for the risk management. The recommendations and conclusions should be clear, concise, and actionable, and address the objectives and expectations of the report. By providing the recommendations and conclusions, you can communicate the value and benefits of the risk assessment and mitigation and close the report with a positive and professional tone.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?