What are you using for a Risk Management Tool?

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What are others on here using for a risk management tool? I've rarely used a specific automated risk management tool. I've always held risk discussions with project stakeholders, documented potential risks and plans to mitigate or avoid those risks and then reported regularly during the project on the status of those risks and any ongoing concerns with them. I usually do this with a spreadsheet or similar documentation tool and incorporated it in to the regular weekly status reporting process with the project client.

What are others on here using? An automated tool? Which one? Any input and discussion will be helpful. Thanks!

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Hi Brad,

I use a traditional spreadsheet RAID log to record and score risks. I score risks using two dimensions probability and impact, a relatively standard approach. For the probability I use:
  1. Unlikely
  2. Quite likely
  3. Likely
  4. Very likely
For the impact I use:
  1. Little impact
  2. Definite impact
  3. Severe impact
  4. Critical impact
It’s easy to calculate an overall impact score in the RAID log for each risk identified using these values. I concentrate on the high score risks and a plan to avoid, mitigate or transfer them. These are the only risks I report on in my status updates.

A spreadsheet is the perfect tool for this purpose. From what I've seen, most other risk management tools are a variation of this.

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Hi Brad,

We decided to build our own tool (www.omnirocket.com), where we use the standard risk matrix with probability & impact (1-5 probability/ 1-5 impact), as Duncan also states .

We also do the risk across the portfolio/all projects so you can see it across the projects, and prioritized based upon your projects priority.

See video: https://www.youtube.com/embed/ob9wvnfoXFs

If you chooses Excel, remember to somehow mark which phases the risk is actual in. Some risks might just be relevant in the first couple of the projects phases, while others might be later. If you mark them in your Excel sheet you can easier sort on them.

Good luck :)
Co-founder of Omnirocket.
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PhilipAndersen wrote: We decided to build our own tool (www.omnirocket.com)
Have reviewed the Omnirocket. Looks good. You've done a great job :)
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