1.3 Risk Glossary : Support Portal

*Glossary Term*	*Description*
Automatic Escalation	A checkbox where user ticks if the customised Risk Rating will be automatically escalated once it is selected for a Risk Item.
Category	The most relevant area of the project that the Risk is associated to.
Due Date	The forecasted date when the Risk will be mitigated or closed. The risk will be escalated if the due date has passed.
Escalated Risk	An escalated Risk is when the risk score is too high, the end date has passed, or the risk is selected manually to be escalated. Risks should be escalated if they are detrimental to the success of the project or create a high risk in schedule, scope, budget, or final product.
Impact Title	The name of the Risk Impact title. User can customise the term "Impact" to any title indicating the impact the Risk has on the project.
Initial Title	The name of the Initial Risk title. User can customise the term "Initial" to any title indicating the first evaluation of a newly identified Risk.
Initial Risk Impact	Initial evaluation of the impact the risk has on the project.
Initial Risk Probability	Initial evaluation when risk logged on the likelihood/probabilities the risk will occur.
Initial Risk Rating	Initial risk evaluation when risk created, the score is an algorithm calculation based on the impact and probability of risk occurring entered by user.
Issue Links	List of any issues associated with the risk. An issue can either be created from a risk or automatically assigned to a risk.
Linked Issues	Linking of a associated issue to the risk for reference and monitoring progress
Mitigation Plan	The selected approach, option or action to manage the risk . Such a plan can contain the risk management procedures, risk tolerance threshold, tools/techniques to be used, risk categorisation and severity, record keeping requirements and an outline of each stakeholder's role and responsibilities
Next Review Date	The date allocated for a subsequent review of the risk. This helps monitor the risk and manage any critical problems that may arise.
Notes	The findings of any risk review, or any information relevant to the risk not raised in previous sections.
Owner	The project member who is responsible for managing the risk. The owner of the risk is required to have a thorough understanding of the risk and a risk plan. This is essential for identifying and mitigating the impacts of the risk if it occurs.
Participants	The key people involved to assist owner with the management of the risk.
Portfolio Level	User has option to create a risk at either Portfolio or Project Level.
Potential Outcome	A short description of the potential outcomes and impacts to the project should risk occur. The description expands on the 3 pieces of information included in the risk’s name.
Probability Title	The name of the Risk Probability Title. User can customise the term "Probability" to any title indicating the likelihood that the Risk will occur.
Project(s) within the Portfolio	The project that the risk is associated with so that it can be tied directly to a portfolio when reporting at a portfolio level.
Project(s) within the Program	The project that the risk is associated with so that it can be tied directly to a program when reporting at a program level.
Qualitative Impact	The possible outcomes to project if risk arises. When reviewing the qualitative impact, ensure all aspects and options are considered. This includes downstream, future losses and name reputation.
Raised By	The user who identified and logged the risk.
Raised Date	Date automatically populated based on 'today' when risk created and saved in FHQ
Rating Colors	The color associated to the Risk Rating.
Rating Name	The name of the Customised Risk Rating user creates
Residual Title	The name of the Residual Risk Title. User can customise the term "Residual" to any title indicating the Risk that needs to be re-evaluated after it was newly added.
Residual Risk Impact	Current evaluation of the impact the risk has on the project.
Residual Risk Probability	Current evaluation on the likelihood/probabilities the risk will occur
Residual Risk Rating	Current/Residual risk evaluation, the score is an algorithm calculation based on the impact and probability of risk occurring entered by user.
Response Notes	The findings of any risk review, or any information relevant to the risk not raised in previous sections.
Response Planning	The strategy that has been selected (mitigate, minimise or accept) to manage the identified risk is shown here. The details of possible outcomes for each strategy are indicated below.
Risk Analysis	A breakdown of the risk’s impact and the probability of it occurring. Risk strategies and mitigation plans can be devised more effectively with the use of the analysis.
Risk Category	The area of a project that the risk is most applicable to. The risk needs to be categorised correctly to mitigate and manage the impacts efficiently.
Risk Description	A comprehensive detail of the risk to provide a reader with full understanding of the risk. This should include any information relevant to the risk such as the specifics associated with it, how it is identified and the members it may affect.
Risk ID	A unique identifier generated and assigned to a risk when created and saved.
Risk Identification	A summary level description of the risk useful for identifying risk and the risk details.
Risk Impact	Outlines the impact that the risk can have on the entire project ranging from Very Low through to Very High. Baseline impact levels: * Very high- The risk has a major impact on the project which can result in project failure * High- The impact is severe enough to cause a significant overage of time or money * Moderate- The impact will cause some rework or overage * Low-The impact will not cause any major rework or overage * Very low- The impact will not cause any rework or overage
Risk Monitoring and Control	Current status of the risk, how it is being controlled, and the last time it was updated. This is a quick glance to see the status of what is being done to the risk.
Risk Name	A short title which outlines the risk and its impact. The name should incorporate 3 pieces of information which are the 'what', the 'how' and the 'impact' of the risk.
Risk Overview	A detailed description of the risk and the impact of the risk if it occurs. With this information, a risk can be identified swiftly and a feasible mitigation plan can be implemented promptly.
Risk Probability	This is a classification of probabilities that a risk will occur, ranging from Very Low to Very High. The probability is used to determine the overall risk level. Probability ratings can vary from project to project. Probability ranges should be estimated for each project. Baseline Probability: * Almost certain- The risk is expected to occur (Greater than 95%) * Likely- The risk is likely to occur (75% chance) * Possible- There is a fair chance that the risk will occur (50% chance) * Unlikely- The risk is unlikely to occur (25% chance) * Rare-The risk is not expected to occur (less than 5%)
Risk Profile	A graphic representation of risks raised for projects within the portfolio/ program. For Portfolio level, data displayed represents the number of risks based on Current Rating (via Heatmap view) or Category assigned to each risk.
Risk Rating	This is an algorithm which is used to assign a score to an identified risk. The calculation is based on the impact it can have on the project and the probability of it occurring.
Risk Register	A Risk Register serves as a repository for all identified risks in the project/ portfolio/ program. Any information pertaining to a risk is added to the register. This may include the nature, owner and mitigation plans of each risk.
Risk Register Operating Discipline	List of all escalated project/ portfolio/ program risks that require the Project/Portfolio/Program Manager's attention to ensure no impact to project/portfolio/program delivery.
Risk Strategy	The risk management strategy adopted to minimise the impact of an identified risk on a project. There are 4 options: * Avoid - actions in place to eliminate the risk completely * Transfer - risk transferred to another party to reduce impact * Mitigate - actions in place to reduce the risk impact * Accept - nothing to be done, cost of mitigation is greater than the cost if risk occurs or impact of the risk is negligible
Risks	A risk could be a known or unknown issue pertaining to a project/portfolio/program. A risk is an uncertain event or condition, that if it occurs will have an effect on the objectives of the project/portfolio/program. It can directly impact the scope, schedule, budget and final outcome. Risk Management is the process of identifying, accessing and responding to a risk. It aims to minimise the likelihood and consequence of a risk, and ensure the risk does not develop into an issue for the project/portfolio/ program. Identifying and logging risks support efficient risk management and mitigation.
Score	Algorithm to understand a weight score of the risk based on the impact it can have on the project, compared to the probability of it occurring.
Source	Source that prompted the discovery and creation of the risk.
Stage	Identifies the current progress and stage on the management of the risk. Options include: * Identified- The risk is known but no action has been taken * Analysis complete- The risk has been reviewed and a mitigation plan is required * Planning complete- A mitigation plan has been developed * Actions implemented- Mitigation plan actions implemented * Under control- The mitigation plan has managed the risk effectively * Retired- The risk has ended and can be considered to be closed
Status	Current status of the risk: * Pending approval- The risk has been raised and pending approval by Approver * Approved – Risk has been approved and being monitored * Rejected- Risk has been rejected by Approver * Resolved- Risk has been closed
User	Defaults name of project team member who created and saved risk in FHQ
Workstream	Workstreams are core areas of activities in your project. Could be a department in your organisation (i.e Operations or Marketing) or an ongoing activity in your project (i.e Testing or Implementation).

1.3 Risk Glossary Print

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