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Creating and Editing Risks on a Project

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Risks are possible events or factors that prevent a project from finishing on time or within budget. Risks can be recorded as part of the business case or by using the risks tab. Risks are created on a project. You cannot associate risks with tasks or issues. 

Risks can be associated with cost, but Actual Risk Cost does not impact the Actual Cost of the Project. 

Access Needed to Create and Edit Risks

You must have the following access to create and edit risks on a project:

Creating and Editing Risks in the Business Case

You can create risks as part of planning the Business Case of a project. You can later edit them in the Business Case, when changes occur to their probability, mitigation plan, or cost, for example. 

Creating and editing risks in the Business Case is identical.

To create or edit a risk in the Business Case: 

  1. Click Projects in the Global Navigation Bar.
  2. Click the project you want to create or edit risks for.
  3. Click the Project Details tab, then click the Business Case sub-tab.
  4. In the Risks section, click Edit Risks.
  5. Enter or edit the following information:
    Description: describe the risk.
    Potential Cost: indicate the estimated cost if the risk occurs.
    Probability: indicate the probability of the risk occurring.
    Type: indicate what category the risk falls under.
    Mitigation Plan: describe the plan to mitigate the risk.
    Mitigation Cost: indicate the cost of the mitigation plan.
  6. (Optional) Click +Add Another Risk to add additional risks.
  7. Click Save.

Creating and Editing Risks in the Risks Tab

In addition to creating and editing risks in the Business Case, you can do so using the Risks tab of a project.

Creating Risks in the Risks Tab

  1. Navigate to the project you want to create risks for.
  2. Select the Risks tab.
  3. Click Start Adding Risks and create risks by in-line editing their information.
    Or
    Click +New Risk. The New Risk dialogue box opens.
  4. Enter the following information:
    Description: describe the risk.
    Risk Type: indicate what category the risk falls under.
    Probability: indicate the probability of the risk occurring.
    Potential Cost: indicate the estimated cost if the risk occurs.
    Mitigation Cost: indicate the cost of the mitigation plan.
    Actual Cost: indicate the actual cost of the risk.
    Mitigation Plan: describe the plan to mitigate the risk.
  5. Click Enter if you are creating the risk in-line,
    Or
    Click Save if you are editing the information in the New Risk dialog box.
  6. (Optional) Select a different Status for the risk, in the Status drop-down menu, when applying the Standard View for the list of risks. By default, the Status of a risk is Identified

Editing Risks in the Risks Tab

You can edit risks during the life of a project, when changes occur in their probability, potential cost, or their status, for example. 

You can edit one risk at a time, or you can edit multiple risks in bulk

To edit risks:

  1. Navigate to a project for which you want to edit existing risks.
  2. Select the Risks tab on the project. 
  3. Start in-line editing the fields for the risks you see in the list,
    Or
    Select one or several risks, then click Edit.
  4. If you have clicked Edit, the Edit Risk dialog box opens.
    edit_risks.png
    Consider editing the following fields:
    Description: edit the description of the risk.
    Risk Type: indicate what category the risk falls under.
    Probability: indicate the probability of the risk occurring.
    Potential Cost: indicate the estimated cost if the risk occurs.
    Mitigation Cost: indicate the cost of the mitigation plan.
    Actual Cost: indicate the actual cost of the risk.
    Mitigation Plan: update the description of the plan to mitigate the risk.
    NOTE You are applying the same information to all the risks selected, when you edit multiple risks at the same time. The information associated with each risk prior to your changes is overwritten in a bulk edit.
  5. Click Save Changes.
  6. (Optional) Edit the Status for a risk, in the Status drop-down menu, when applying the Standard View for the list of risks. 
    NOTE You cannot edit the Status of risks in the Edit Risk dialog box. You can do so only in an in-line edit. 

**Updated: August 24, 2017

Linked here: https://support.workfront.com/hc/en-us/articles/217253767 - Copying Projects