Project Risks

A Project Risk is a specific bad thing that might happen on one project. It could be a budget overrun, a key supplier pulling out, a technical dependency failing, or a regulatory delay. GreenVee gives each risk its own record so you can track it, assign an owner, and plan a response.

Fields at a glance

Field	What it means
Name	Short label for the risk
Description	Full explanation of the risk and its context
Type	Category of risk (e.g. financial, operational, regulatory)
Active	Whether this risk is still live — toggle off when closed
Owner	The employee accountable for managing this risk
Possible Risk Value	The estimated financial exposure if the risk occurs (with currency)
Likelihood (%)	Probability the risk will occur, expressed as a percentage
Priority	How urgent this risk is relative to others
Degree of Risk	A rated severity level (e.g. low / medium / high)
Degree of Likelihood	A rated likelihood level separate from the raw percentage
Consequences of Occurrence	What happens if the risk materialises — described in plain language
Occurred Risk Value	Actual financial impact, filled in if the risk occurs
Occurred At	Date the risk event happened (if it did)
Completed At	Date the risk was closed out

Likelihood vs. degree fields

GreenVee captures likelihood in two ways: a precise percentage and a qualitative rating. Use both — the percentage is useful for calculations; the rating is easier to communicate to stakeholders. Similarly, the qualitative severity rating complements the financial exposure estimate.

Risk Actions — your mitigation plan

Each Project Risk can have one or more Risk Actions. A Risk Action is a concrete step your team will take to reduce or eliminate the risk.

Field	What it means
Title	Short description of the action
Type	Category of mitigation (avoid, reduce, transfer, accept, etc.)
Description	Full explanation of what will be done
State	Current status of the action (open, in progress, completed)
Reduction of Probability (%)	How much this action is expected to cut the likelihood
Cost	Estimated cost of the mitigation
Assignee	The employee responsible for completing the action
Cost Item	Optional link to a budget line in the project financials
Gate Criteria	Optional link to a Gate — an open Risk Action here can block gate sign-off

Risk Actions and Gate sign-off

The Gate Criteria link is powerful. If a Risk Action is attached to a Gate Criteria and that action is not yet complete, it creates a visible blocker on the gate. This means an unresolved mitigation can effectively prevent a project from moving to the next stage — which is exactly the right behaviour for high-stakes risks.

For Project Managers

Keep your risk register active. Mark risks as inactive when they are either resolved or no longer relevant. An outdated register full of stale risks is harder to trust than a short, current one.

Log Risk Actions as soon as you decide on a mitigation — don’t wait until it is done. An open action is more useful than a note in a meeting doc.

Caution

Project Risks are completely separate from Portfolio Risk Factors. Logging a risk here does not affect a project’s strategic risk scorecard at the portfolio level. See The Two Risk Worlds for why.

Lifecycle of a risk

1. Identify — log the risk with a name, description, owner, and initial likelihood/severity estimate.
2. Plan — add one or more Risk Actions. Attach to a Gate Criteria if the mitigation is a gate requirement.
3. Monitor — update likelihood and priority as conditions change. Track action progress.
4. Close — when the risk occurs, fill in the occurred value and date fields. When it no longer applies, record the completed date and mark it inactive.