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"Risk Log Template"

This template enables you to record the risks that have been identified as they relate to a specific project. It works in conjunction with the risk register and forms a key part of the monitoring and reporting on a project's associated risks. It ensures that each risk has an owner and that there is a plan how to avoid, mitigate, accept or transfer that risk to a third party.

The work breakdown structure (WBS) document is one the essential inputs to this document because it is necessary to know or have an understanding of the project deliverables, planned resources and their availability, along with any known project assumptions and constraints including organizational and environmental factors. Project managers will include this template as an appendix to the risk management plan.

The management of risk is an essential aspect of any project no matter its size and the risk log is the document that tracks those risks throughout the projects lifespan. All projects exist in an evolving environment so change is almost inevitable and keeping a watchful eye on how each change alters the potential risks is imperative.

The risk log is an essential management tool as it helps a project manager assess and track the 'influence' a specific change or event will have on the overall project objective. Before this document can be created there are several key aspects that must be defined as part of the planning process.

The risk log will be a key document used during the review of the project after its closure. There are likely to be many issues raised as part of risk management that will aid more accurate risk estimation and identification for future projects. It also helps to appraise what conditions are likely to trigger similar risks in other projects so that better plans can be put into place from the outset.

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