A risk report is a key project management document that provides information about overall project risk. It is an output of the risk identification process, and it is a commonly used project artifact, especially as a part of the uncertainty performance domain.
The risk report should include a description of the risk, the likelihood of it occurring, and the impact it would have on the project if it did occur. It is important to create a risk report that is accurate and up-to-date, so that project managers can make informed decisions about how to best manage risk.
It contains summary information about individual risks, except for general project risk. Risk reports create input to all risk management processes in the risk management knowledge area and provide information for these processes.
It is a common artifact used in;
Basic information that should be included in the Risk Report;
- Executive Summary
- Overall Project Risk
- Singular Project Risk
- Quantitative Analysis
- Status of Provident Resources
- Risk audit results
But the risk report may also contain more than this information.
Risk Report is used as input in the following processes:
- Direct and manage project work
- Quantitative Risk Analysis
- Plan Risk Responses
- Manage Quality
- Perform Integrated Change Control Process
- Monitoring Risks
- Closing the project or phase
- Manage Communications
- Implement Risk Responses
- Monitoring and controlling of project work
