The Project Risk Register feature in Inspire Planner allows you to manage and report on project risks in order to mitigate potential issues.
A risk is an uncertain event or condition, that if occurs, has a positive or negative effect on a Project objective. Risks are comprised of three (3) elements: the risk itself, the consequence or impact of a risk event occurring, and the likelihood or probability of a risk event occurring. Only by understanding the likelihood of a risk to some degree can a team know how important the risk is to the overall program outcome.
If an event has already occurred, it would be considered an issue. A risk has the potential to occur; it has not actually occurred.
Documenting the known risks and capturing as many of the unknown risks as possible reduces the number of surprises on a Project.
The appropriate timing for an initial risk identification session can be somewhat tricky to determine but it should be held early, soon after the basic project requirements, milestone dates, etc. have been outlined, but before the budget and business case are baselined. Done properly, the risk identification session should identify areas that require additional effort, money, time, etc. It is vital to have an on-going risk identification process at various points throughout the Project.
This help article explains how to use the Project Risk Register in Inspire Planner.
For complete configuration instructions, please see Configuring the Project Risk Register.
It is good to regularly evaluate your Risks during the life of your Project and make the necessary adjustments where needed.