Sample template for assessing business project risks with scoring and mitigation strategies.

Business Project Risk Assessment Sample Template with hazard identification, probability, impact, risk level, and action plan fields.

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This image shows a Business Project Risk Assessment Template. It is used to identify things that could go wrong in a project (risks), how likely they are to happen, and how bad the damage would be if they did.

Here is a breakdown of how the form works, using the example already filled in:

1. The Keys (Top Left)

Before filling out the main table, you need to know what the numbers mean.
* Probability Key: How likely is the risk?
* 1 = Unlikely
* 2 = Likely
* 3 = Very Likely
* Impact Key: How bad is the result?
* 1 = Low impact
* 2 = Medium impact
* 3 = High impact

2. The Main Table Columns

* Ref ID: A number to identify the risk (e.g., 1.0).
* Hazard Description: What is the specific problem? (Example: "Supplier going out of business")
* Project Phase: When in the project might this happen? (Example: "Planning and Execution")
* Impact Description: What happens if the risk occurs? (Example: Delays progress and costs $8,500).
* Probability: You pick a number from the key (1, 2, or 3).
* Impact: You pick a number from the key (1, 2, or 3).
* Score: This is calculated by multiplying Probability × Impact.
* In the example: $3 \times 3 = 9$.
* Risk Level: This tells you how serious the risk is based on the score.
* 9 = Highest (Red)
* 6 = Medium High (Orange)
* 4 = Medium Low (Yellow)
* 3 = Low (Light Green)
* 2 = Very Low (Teal)
* 1 = Lowest (Blue)
* Current Risk Mitigation: What are you currently doing to stop this from happening? (Example: Backing up systems every 30 minutes).
* Action Plan: What will you do if it actually happens? (Example: Form new partnerships).
* Action Owner: Who is responsible for fixing it? (Example: Annie Lee).
* Status: Is the fix finished? (Example: In Progress).
* Completion Date: When will it be done?

How to use this template:

1. Think of something that could go wrong in your project.
2. Decide how likely it is (1–3) and how bad it would be (1–3).
3. Multiply those two numbers to get the Score.
4. Find the matching color/level on the chart.
5. Write down who needs to fix it and what they should do.

This helps teams focus on the biggest problems first (the red/highest scores) rather than worrying about small issues.

Parent Tip: Review the logic above to help your child master the concept of risk assessment worksheet.

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