What is risk assessment?

Risk assessment is describing the assumptions about the risk to the project. The risk assessment involves the whole project team, with a combination of risk workshops and individual interviews, and establishes the risk / uncertainty that the project is exposed to.

The risk assessment can capture risks that affect the project is any way - schedule, cost, safety, environment, etc. The schedule and cost assessments are used to calculate the overall risk to the project, and its main causes and consequences, which is used to make recommendations around schedule and cost mitigation, and set expectations and targets.

All risks assessed, whether impacting schedule, cost or otherwise, are visible and prioritised in the project risk register. They can be highlighted to management as "top risks", either because of their high contribution to schedule or cost, or for some other reason.

Risk assessment is part of the overall risk management process. It leads to a risk analysis and a risk report, which shows the logical consequences of the risk assessments in terms of the overall project, and contains interpretations and recommendations.

Our service

At Trigo White, as part of our service, we use White Box risk management, which provides instant feedback on the risk assessments as they are made. This helps the project team understand their risk assessments, and also understand the output of the risk assessment and believe that it reflects their assessments.