Number of Risk Register Entries - Rule of Thumb?

Mark Warner Project Manager| AURA Tucson, Az, United States

I'm advising a new, modest-sized ($13M, 3-year) project. The effort will result in a "shovel-ready" design and plan for the construction of a large new climate-change research facility (which in turn will be on the order of $100M).

In reviewing the design team's initial Risk Register, the number of entries seems very light to me (16 identified risks). My own previous big-science design project at this same stage had roughly 80 identified risks, including both technical and programmatic. But my project was very different than this one.

Question: Do you folks have any rules of thumb or other metrics you use to evaluate the completeness/robustness of a risk register? E.g., X risks per 1 year of project schedule remaining, or Y risks per $1M planned budget, or??

I can't point to any specific risk that they're missing, but my 35-plus-year PM-sense is that their list isn't as complete as it should be. On the other hand, I don't want to recommend they do a complete new Risk Identification exercise without sufficient cause.

Thoughts?

Posted: Sep 20, 2022 8:00 AM

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Latha Thamma reddi Sr Product and Portfolio Management (Automation Innovation)| DXC Technology Mckinney, Tx, United States

Sep 20, 2022 5:35 PM

Replying to Peter Rapin

...

Some time back I created a Mind Map for Risk Management. Apparently one cannot attach files to this forum but if you provide me with an email address I can forward a copy in PDF format.

In the risk identification process I usually break it down by project phase and then risk category.

Phases could include: Planning; schematic design; detailed design; procurement; construction/implementation; commissioning; close out; occupancy.

Categories could be:
organizational incl. funding, governance;
project management incl. resource availability, management failure, dysfunctionality;
technical incl. available technology, site conditions;
external including political, stakeholders, market forces, public, force majeure (acts of God).

It is not the quantity of risks that matter it is the quality of the assessment.

Good

Posted: Apr 12, 2023 3:31 PM

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Number of Risk Register Entries - Rule of Thumb?

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