Project Risk Identification

Identify, prepare and assess for internal and external risk impacting the project using a situational analysis framework to mitigate negative effects and maximise positive effects for project success.



Competency Area

Project Management


Aware of the types of project risks

Understands the types of project risks (internal and external) and basic ways to manage them (avoid, mitigate, transfer, and accept)

Categorises the three types of internal risks (human-factor, technological and physical)

Summarises the types of external risks based on the reliability of forecasts (economic, natural and political risks)

Gathers information on risks

Documents information on the sources of risk, by category, for exploring potential risks on a project (technical, cost, schedule, client, contractual, etc.)

Schedules internal meetings of employees from diverse backgrounds to gauge perspective of potential project risks

Prepare a risk register to lists all the potential external project risks and their type

Analyses risks based on type

Incorporates risk checklists in preparing risk plans

Identifies and analyses internal risks that have affected the organization or the teams in previous projects

Evaluates external risks using a situational analysis framework such as PESTEL (political, economic, social, technological, environmental, legal)

Develops risk assessments

Assesses major risks that require follow-up, qualitative analysis, quantitative analysis, and active mitigation and management

Conducts risk screening based on impact and probability using qualitative risk assessment tool (Project Definition Rating Index (PDRI))

Applies probabilistic risk assessment methods to determine a single quantitative project risk estimate providing a rational basis for setting a contingency, and to set priorities for risk mitigation

Presents identified risks for project planning

Leads the planning process ensuring the baseline risk information collected is free of cognitive biases and thinking heuristics

Administers the risk assessment processes to contribute to preparation of a risk mitigation plan

Promotes transparency in communication with the stakeholders on potential project risks, assessment methodologies, impact of risks and contingency route