Risk management is one of the most important tools grabbing attention of skilled project managers. Identifying these factors help in outline procedures which ensure prevention of these factors to occur and cause a trouble for project on short term or long term basis. A template formed in excels usually consist columns showing heading of:
- Chances of occurrence
- Risk source
- In charge of department
- Time limit
Benefits of risk register template
Different types of risks faces by project have different effect over the project and company. Some cause a minor effect while others are more dangerous causing major effect over the project but to avoid risk prior there are allot of free excel templates to manage risk by practicing defines procedures. In some severe causes it may cause a stop in project cycle. A template of this sort clearly shows percentage of any risk.
It also shows the source of risk therefore it can be prevented by clearing out that source. Once the root of the risk is identified it can be reduced or eliminated if possible. Other ways to complete a project can be designed before time. This prevents any important job to be missed out and also prevent situation when a risk cause project to be terminated. Strategies can be made which reduce the impact of the risk.