Free Risk Assessment Template for Construction

Free Risk Assessment Template for Construction

Download
our Free Construction Risk Assessment Template as we understand that
managing risk is critical to every part of construction project.
Assessing all the various risk categories can be a daunting prospect if a
project manager does not have access to a library of templates and
software to help them manage the process.

Every
single construction project has risks that cannot be completely
removed. Understanding and documenting historically identified risks can
help to mitigate and prevent them from impacting on future projects.
Creating a database of risks with templates can then be re-purposed for a
new construction project.

 

Understanding your risks

Completing
a free construction risk assessment template gives you a clear picture
of the things that can cause project delays. A risk assessment template
is a tool to help identify risks, the probability of occurrence and
impact on the project.

By
identifying risks early, you can be proactive in taking steps to avoid
or prevent them. Record the following on the risk assessment template
when you identify:

1. where each risk occurs
2. type of risk, and who or what it impacts
3. the probability of it occurring and the impact intensity
4. preventive measures to reduce or remove the impact intensity and probability of occurrence.

Risk assessment forms

To
understand how to fill out a free construction risk assessment template
(see Table 1), here is a guide to filling out the details in a risk
assessment form:

1. Problem Area or Task. During this phase, identify all the problem areas or tasks where there are possible risks.
2. Identified Risk. This where you record each identified risk against each problem area or task.
3. Description. Add a short description of the risk and the damage it will cause if realized.
4. Probability
   of Occurring. Risk probability assessment examines the likelihood of
   each specific risk occurring. Rate risk probabilities and impacts
   according to predetermined definitions. Display them in a probability
   and impact matrix (see Table 2). What constitutes a high and low risk is
   usually an area determined by your organization:
   1. High. High means there is a 70 to 100 percent of the risk occurring.
   2. Moderate. Moderate means the risk has a 30 to 70 percent chance of occurring.
   3. Low. Use Low for risks that have less than a 30 percent of occurring.
5. Impact
   Intensity. Risk impact assessment examines the potential impact that a
   risk can have on project objectives. For example, cost, schedule,
   performance or quality. It includes assessment of positive and negative
   risks (eg. opportunities and threats).
6. Risk
   Priority Level. Assign a risk priority level based on the probability
   of occurrence using a scale of 1 to 5. Number 1 means high priority and 5
   the lowest.
7. Existing Measures. Consider what policies and procedures are already in place that prevent or reduce the impact of each risk.
8. Mitigation
   Strategy. Once the analysis of all risks is complete, the team needs to
   decide on mitigation strategies to deal with each risk.
9. Additional Measures. Only fill this out when a mitigation strategy has been determined to control each risk. 
10. Contingency
    Plan. Create a contingency plan for high impact risks with a high
    probability of occurring. This is a back-up plan if mitigation
    strategies fail. Mitigation strategies include:
    1. Deflection. Deflection is when a risk is transferred to a third party to manage.
    2. Control. To control a risk, devise a plan to prevent or minimise the risk.
    3. Avoidance.
       Use avoidance when there is little or no threat if the risk occurs.
       This is a strategy that ignores the risk and accepts the consequences if
       the risk is realised.

Using
a free construction risk assessment template helps to identify and
record risks. It helps your team to plan strategies to deal with risks
in advance should the need arise.

Do you want free access to create risk assessment templates
for construction projects to save you time and money? We’ve created one
at Raptor PM and it's free and secure. You can save, review and edit
your completed risk assessment(s) at any time. Try out the Raptor PM free risk assessment template now.

Table 1 Free Construction Risk Assessment Template

Table 2 Probability an Impact Matrix