12 April, 2022
A Risk Register is a tool that assists in identifying, monitoring and responding to potential issues that may disrupt a project. It allows project managers to prioritise and plan for project obstacles before they occur.
The method in this blog post creates a risk register that automatically categorises risks depending on their impact and likelihood of occurring. Here is the finished Notion Risk Register:
Each probability and impact options is given a score between 1 and 5. These scores are multiplied together to calculate the overall level of risk. How you categorise these scores depends on what level of risk the project is willing to accept.
This tutorial uses the following risk categories as shown in the matrix diagram below, where red is high risk, yellow medium risk and green low risk.
⭐ Download the completed template or follow the instruction below⭐
The calculate is set to Min so that the score it brought through as a number, as by default Notion brings through numbers as text in a rollup.
Probability Score * Impact Score
(Risk Score == 0) ? "" : ((Risk Score <= 6) ? "🟢 Low" : ((Risk Score >= 15) ? "🔴 High" : "🟡 Medium"))
Formula explained: if the risk score is 0 (i.e where impact and risk haven't yet been selected) then the category should be blank. If the risk score is less than or equal to 6 then the risk category is Low; if the risk score is greater than or equal to 15 then the risk category is high; for all other scenarios (i.e between 7 and 15) then the risk category is medium.
You can add additional properties to your Risk Register, such as:
Different projects may accept different levels of risk. Here are some variations you can apply to the Notion Risk Register to cater for this:
If your project’s level of risk is different and, for example, you want all risk scores 12 and above to be High Risk, and all scores 5 and below to be Low Risk:
(Risk Score == 0) ? "" : ((Risk Score < 6) ? "🟢 Low" : ((Risk Score >= 12) ? "🔴 High" : "🟡 Medium"))
You can change this template to have 4 categories of risk, as shown in the image below. Where red is High Risk, orange is Serious Risk, yellow is Medium Risk and green is Low Risk
(Risk Score == 0) ? "" : ((Risk Score <= 6) ? "🟢 Low" : ((Risk Score >= 20) ? "🔴 High" : ((Risk Score >= 12 and Risk Score < 20) ? "🟠 Serious" : "🟡 Medium")))
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