Project risk assessment template

Are you looking for a way to evaluate the risk level of your own or your customer’s next project? 

With an objective, scored project risk assessment template, you can sleep on both ears.

Pointerpro is the 2-in-1 software that combines assessment building with personalized PDF feedback report generation.

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3 reasons to use Pointerpro as a project risk assessment tool

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Interactive user experience

With the Questionnaire Builder, you get to create an engaging feedback form. How? With numerous design and layout options, useful widgets, and countless question types.

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Refined, score-based analysis

Our custom scoring engine helps you quantify and categorize diverse answers. The result? An objective and nuanced 360 assessment that helps your employees forward.

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Automated feedback in PDF

Thanks to your setup in the Report Builder, and its Aggregate Reports feature, employees get a detailed PDF report: with personalized feedback, useful tips, and an action plan.

What is risk assessment in project management?

Risk assessment in project management is the process of identifying, analyzing, and evaluating potential risks that could affect the success of a project. It involves systematically assessing the likelihood and impact of various risks on project objectives and determining appropriate strategies to mitigate or manage those risks.

One example: Before that one great product, we find in our favorite supermarkets ever finds its way to the shelves. This company produces it had to evaluate if the project of launching it was worth their investment.

A marketing consultancy may have surveyed the company in question about market saturation, changing consumer preferences, or potential supply chain disruptions that could impact the successful launch and market penetration of the new product. 

The entire assessment may or may not have been integrated into one (or more) digital assessments.

Key steps to conduct a project risk assessment

Whatever the project risk assessment template, key steps generally include:

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    Risk identification: This involves identifying potential risks that could arise during the course of the project. Risks can stem from various sources, including technical issues, resource constraints, external factors, and changes in requirements.
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    Risk analysis: Once risks are identified, they need to be analyzed to understand their potential impact on project objectives and the likelihood of occurrence. This involves evaluating the severity of consequences if a risk event were to occur and the probability of it happening.
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    Risk evaluation: Risks are then evaluated based on their significance, prioritizing those with the highest potential impact on the project's success. This helps project managers focus their attention and resources on managing the most critical risks.
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    Response planning: After evaluating risks, or receiving a risk report from their consultant, project managers develop strategies to either mitigate, transfer, avoid, or accept the risks. Mitigation strategies aim to reduce the likelihood or impact of risks, while transfer strategies involve shifting the risk to another party, such as through insurance. Avoidance strategies involve altering project plans to eliminate the risk altogether, and acceptance strategies involve acknowledging the risk and preparing contingency plans to address it if it occurs.
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    Monitoring and control: Throughout the project lifecycle, risks should be monitored to track changes in their likelihood or impact and to assess the effectiveness of risk mitigation strategies. Adjustments may need to be made to the risk management plan as new risks emerge or existing risks evolve.

By conducting thorough project risk assessments and implementing effective risk management strategies, project managers can proactively identify and address potential challenges, ultimately enhancing the likelihood of project success.

How to create a project risk assessment template to serve customers

If you’re a professional service provider or consultant, you undoubtedly take on similar projects for various customers. That provides you with an opportunity: Consolidating your expertise in one project risk assessment template. One that you get to administer digitally to any customer who will potentially embark on a new project journey.

Creating such a project risk assessment template involves several key steps:

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    Define the scope: Determine the scope of the risk assessment template based on the types of projects your clients typically undertake. Consider factors such as project size, industry, and common risks associated with their projects.
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    Identify key risk categories: Determine the key categories of risks relevant to your clients' projects. This could include categories such as financial risks, technical risks, regulatory risks, market risks, and operational risks.
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    Develop questions for each category: For each risk category, develop a set of questions that will help assess the potential risks. These questions should be specific, relevant, and tailored to the client's industry and project type. Consider using a combination of open-ended and multiple-choice questions to gather comprehensive information.
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    Include likelihood and impact assessment: Ensure that your template includes questions to assess both the likelihood and impact of each identified risk. This will help prioritize risks based on their severity and potential consequences.
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    Provide guidance and examples: Offer guidance and examples to help clients understand the types of risks they should consider and how to assess them. This could include explanations of common risks in their industry, as well as examples of risk scenarios and their potential impacts.
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    Allow for additional comments: Include a section for clients to provide additional comments or insights related to specific risks or concerns they may have. This can provide valuable context and help uncover risks that may not have been previously identified.
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    Consider digital format and accessibility: Design the template to be user-friendly and accessible in a digital format. Use an online survey tool or questionnaire platform that allows for easy completion and submission. Ensure compatibility with various devices and browsers to accommodate clients' preferences.
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    Test and iterate: Before deploying the template to clients, test it thoroughly to ensure functionality and usability. Gather feedback from internal stakeholders or pilot clients and make any necessary revisions to improve the effectiveness of the template.
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    Deliver a personalized report: Include a personalized report summarizing key risk assessment findings, prioritized risk register, mitigation strategies, and recommendations tailored to the client's industry, project type, and specific concerns.

By following these steps, you can develop a comprehensive and user-friendly project risk assessment template that helps your clients identify and mitigate risks effectively.

Project risk assessment example questions

Here are 30 project risk assessment example questions divided into 3 categories

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    10 project risk assessment example questions for a new product launch
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    10 project risk example questions for event planning
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    10 project risk example questions for merger or acquisition integration

Try an example assessment

10 project risk assessment example questions for a new product launch

In a company, a project risk assessment for a new product launch could typically be administered by the product development team, marketing team, or project manager responsible for overseeing the new product launch. As discussed, companies also tend to confide in external consultants for their broad experience, often across different industries.

The approach to the project risk assessment template questions would involve gathering insights from key stakeholders involved in the launch process, including product managers, marketing professionals, sales teams, and executives. The goal is to identify potential risks that could impact the successful introduction of the new product to the market and develop strategies to mitigate these risks effectively. Here are 10 example questions:

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    What are the key features and benefits of the new product?
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    Have market research and customer feedback been collected to validate the product concept?
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    What is the target market for the new product, and what are the customer segments?
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    Have competitors and market trends been analyzed to understand potential challenges and opportunities?
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    What is the planned pricing strategy for the new product, and how does it compare to competitors?
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    What are the distribution channels and logistics involved in delivering the product to customers?
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    What is the marketing and promotional plan for the new product, including advertising, PR, and social media?
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    What are the projected sales forecasts and revenue targets for the new product?
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    What are the potential regulatory or compliance issues that need to be addressed?
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    What are the contingency plans in place to address unforeseen challenges or setbacks during the launch process?

10 project risk example questions for event planning

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    What is the primary objective of the event, and how well-defined are the event goals and deliverables?
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    Have all necessary permits and licenses been obtained for the event venue and activities?
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    How well-established are the contracts and agreements with vendors, suppliers, and subcontractors involved in the event?
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    What is the contingency plan in place for adverse weather conditions or other unforeseen circumstances that could impact the event?
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    What are the potential risks associated with transportation and logistics for attendees, performers, and equipment?
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    How comprehensive is the security plan for the event, including crowd control, emergency response, and threat mitigation?
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    What measures are in place to ensure compliance with health and safety regulations for both participants and staff during the event?
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    How well-prepared is the event team to handle technical issues or equipment failures during key event activities, such as presentations or performances?
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    • What are the potential risks related to marketing and promotion of the event, including ticket sales, sponsorships, and audience engagement?
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    How effectively are risks being monitored and managed throughout the event planning process, and what mechanisms are in place for timely communication and decision-making in case of emergencies?

These questions can help event planners identify, assess, and mitigate risks to ensure the successful execution of the event.

10 project risk example questions for merger or acquisition integration

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    How well-defined are the strategic objectives and synergies driving the merger or acquisition, and what potential challenges exist in achieving them?
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    What are the legal and regulatory risks associated with the merger or acquisition, including compliance with antitrust laws, labor regulations, and industry-specific regulations?
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    How effectively have cultural differences between the two organizations been identified and addressed to minimize integration challenges and employee resistance?
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    What are the potential risks related to workforce integration, including employee retention, talent management, and organizational restructuring?
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    How well-established are the communication and change management strategies to keep stakeholders informed and engaged throughout the integration process?
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    What are the financial risks associated with the merger or acquisition, including valuation discrepancies, financing challenges, and unforeseen liabilities?
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    How comprehensive is the IT integration plan, including data migration, system integration, and cybersecurity measures to safeguard sensitive information?
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    What are the operational risks associated with merging or aligning business processes, supply chains, and operational workflows between the two organizations?
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    What potential risks exist in customer and vendor relationships during the integration process, and how are they being managed to minimize disruption and maintain trust?
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    How effectively are risks being monitored and managed post-merger or acquisition, and what mechanisms are in place for evaluating the success of integration efforts and making necessary adjustments?

These questions can help organizations involved in a merger or acquisition identify, assess, and mitigate risks to ensure a smooth and successful integration process.

Why is custom scoring a must-have in your project risk assessment tool?

Custom scoring in a project risk assessment tool makes risk evaluation measurable, providing stakeholders with quantifiable metrics to assess and interpret risks. By defining specific criteria and scoring scales tailored to the project’s objectives and context, organizations can assign numerical values to different risk factors, likelihoods, and impacts.

This quantification enables stakeholders to gauge the magnitude of each risk, compare risks against one another, and prioritize them based on their severity and potential consequences. With measurable risk assessments, decision-makers have a clearer understanding of the risk landscape, allowing for more informed decision-making and resource allocation. Furthermore, the ability to track changes in risk scores over time provides insights into the effectiveness of risk mitigation efforts and helps organizations adapt their strategies accordingly. Ultimately, custom scoring enhances the interpretability of risk assessment results, facilitating more effective risk management and project governance.

Our product director explains custom scoring in a nutshell below:

Common project risk factors: a checklist

The exact questions you end up using for your project risk assessment template may differ. Nonetheless, there are some key project risk factors you should always consider when setting up a project risk assessment:

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    Project objectives and scope: Unclear or poorly defined project objectives and scope
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    Stakeholder engagement and communication: Inadequate stakeholder engagement and communication
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    Resource management: Insufficient resources allocated for project activities
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    Schedule and timeline: Unrealistic project timelines or deadlines
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    Technology and infrastructure: Technical challenges or limitations affecting project implementation
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    Quality management: Poor quality control measures leading to defects or errors in deliverables
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    Risk identification and management: Failure to identify and assess potential risks early in the project lifecycle
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    Change management: Resistance to change from project team members or stakeholders
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    External factors: Market volatility or changes in regulatory requirements impacting project outcomes
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    Organizational culture and leadership: Organizational culture clashes or differences in management styles impacting project collaboration

Project risk report template: What to include

A project risk assessment template is not of much value if it doesn’t come with a clear report. To inform and engage stakeholders, typically, a PDF is created that consists of (most of) the following sections:

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    Executive summary: The executive summary provides a concise overview of the project risk report, highlighting key findings, significant risks, and recommended mitigation strategies. It serves as a quick reference for stakeholders to understand the overall risk profile and the actions needed to address potential challenges.
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    Introduction: The introduction section sets the context for the risk report by providing background information on the project and its objectives. It outlines the purpose of the report and identifies the intended audience, helping stakeholders understand the significance of the risk assessment findings.
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    Risk assessment methodology: This section describes the approach used to identify, assess, and prioritize project risks. It explains the methodology and criteria used for evaluating risks, such as likelihood, impact, and severity. By understanding the risk assessment process, stakeholders can have confidence in the validity and reliability of the findings presented in the report.
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    Identified risks: The identified risks section presents a detailed list of risks identified during the assessment, categorized by risk category or area of impact. Each risk is described in detail, including its potential consequences, root causes, and contributing factors. This comprehensive overview helps stakeholders understand the specific challenges and uncertainties facing the project.
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    Risk analysis: In the risk analysis section, the overall risk profile of the project is analyzed, highlighting the most significant risks and their potential impact on project objectives. Visual aids such as charts or graphs may be used to illustrate the distribution of risks and their severity. This analysis provides stakeholders with a clear understanding of where risk exposure is greatest and where mitigation efforts should be focused.
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    Mitigation strategies: The mitigation strategies section outlines recommended actions for addressing identified risks and reducing their likelihood or impact. Each mitigation strategy is accompanied by actionable steps, responsibilities, and timelines for implementation. By proactively addressing risks, stakeholders can minimize potential negative outcomes and improve the likelihood of project success.
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    Contingency plans: Contingency plans are outlined in this section to address unforeseen events or setbacks that may occur during the project. These plans provide alternative courses of action for managing high-impact risks that cannot be fully mitigated. By preparing for potential disruptions, stakeholders can maintain project resilience and adaptability in the face of uncertainty.
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    Monitoring and reporting: This section describes the mechanisms for monitoring the effectiveness of risk mitigation efforts and reporting on risk management activities. It outlines the frequency and format of risk reporting to stakeholders, as well as criteria for triggering escalations or updates to the risk management plan. Regular monitoring ensures that risks are proactively managed throughout the project lifecycle.
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    Conclusion: The conclusion section summarizes key findings and recommendations from the risk assessment process. It reinforces the importance of proactive risk management for project success and emphasizes the need for ongoing vigilance in identifying, assessing, and addressing project risks.
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    Appendices: Additional supporting documentation, such as risk registers, heat maps, or detailed risk assessments for specific areas of the project, may be included in the appendices section. These supplementary materials provide stakeholders with more in-depth insights into the project's risk landscape and the strategies employed to mitigate potential challenges.

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