Red flag and risk assessment checklist
Here is a short risk checklist you can modify for your own projects:
- List the red flags you observe (consider using a system like |> to denote them)
- List the risks that the red flags denote
- Determine if the risk is internal or external (e.g., project team vs client or exec stakeholders)
- Determine if the risk affects timeline, budget, scope, people, and/or business
- Determine which parts of your project are impacted (e.g., design, development, content)
- Determine the risk impact (hint: if you notice red flags, the risk is likely to happen)
- Determine the risk probability
- Create a red flag/risk matrix (sample)
- Develop a risk mitigation strategy for the likely risks (short term response)
- Develop a contingency plan for unlikely or less serious risks (long term plan)
- Notify any relevant stakeholders (be sure to involve them in the mitigation plan and contingency making process)
- Update plan when new risks are noticed
