Once risks are identified, the next step is to assess their likelihood and how they can impact the project. Organizations need to define a scale of impact to assess risks, typically represented using a scale.
This template represent using a scale of 5 levels for access risks -
- Level 1 Insignificant: risks which do not pose any significant concern at the time.
- Level 2 Marginal: risks which are deemed to have just a minor impact on the project.
- Level 3 Moderate: risks which will affect the project with some significance.
- Level 4 Critical: risks which have a high impact in the project and require strong monitoring.
- Level 5 Catastrophic: risks which will jeopardize the whole project should they materialize.
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