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Template: risk assessment framework

A risk assessment framework that allows organisations to capture their key risks. It is designed to be a working document that is part of the overall business performance management system.

Completing the risk log is best done within a project team. Different sub-teams can be assigned to assess the risks of different elements of the business. This ensures that several people who are knowledgeable in the subject matter work together and come either to a unanimous or aggregate score.

Here, teamwork is important since this type of analysis can be highly subjective. That being the case, it is a good idea to ensure that the risk level and likelihood scores are not left to a single individual. Furthermore, it is important to document as much information and logic as possible for the awarded scores in the risk log so that these can be revisited at the next review.