RIDAC Risk form

Use the RIDAC Risk form to identify and track potential risks that could impact your demand or project planning items. Manage risk mitigation strategies and monitor risk exposure.

Table 1. RIDAC Risk form

Field	Description
Number	Unique identifier for the risk. This field is auto-generated when the risk is created.
State	Current status of the risk. The available options are Pending, Open, Work in Progress, Closed Complete, Closed Incomplete, and Closed Skipped.
Short description	Brief, concise summary of the potential risk. This field is required and appears as the title of the risk record.
Description	Detailed information about the risk, including triggers, potential consequences, and any relevant context or background information.
Mitigation plan	Detailed plan and timeline for implementing mitigation strategies. Includes specific steps, responsible parties, and completion dates for risk mitigation activities.
Probability	Likelihood of the risk occurring. The available options are Absolute, High, Moderate, and Low. This helps in risk assessment and prioritization of mitigation strategies.
Risk status	Current status of the risk. The available options are Pending, Achieved, Not Achieved, Avoid, Mitigate, Transfer, and Accept. This field tracks the lifecycle status of the risk separate from the overall State field.
Priority	Priority level of the risk based on its likelihood and potential impact. The available options are 1 - Critical, 2 - High, 3 - Moderate, 4 - Low, and 5 - Planning. This helps with risk mitigation prioritization and resource allocation.
Impact	Potential impact if the risk occurs. The available options are 1 - High, 2 - Medium, 3 - Low. This indicates the severity of the risk on planning objectives.
Estimated Cost	Estimated cost in currency (for example, USD) to mitigate or resolve the risk. Helps with financial tracking and planning.
Risk rank	Calculated numeric ranking of the risk based on probability and impact. This field is auto-calculated and helps with risk prioritization (higher number indicates higher risk).
Risk value	Overall risk assessment value derived from probability and impact evaluation. This field is auto-calculated to provide a composite risk score.
Mitigation Strategy	Planned approach or actions to reduce the probability or impact of the risk if it occurs.
Due date	Target date by which risk mitigation actions should be completed.
Risk owner	Individual or role designated as the risk owner who has overall accountability for risk management and mitigation.
Assigned to	User or team responsible for risk mitigation and monitoring activities.
Planning Item	The planning item (project or demand) that this risk is associated with. This field is auto-populated when a risk is created from a planning item context.
Work notes	Internal notes and updates about risk mitigation progress, monitoring activities, and any changes to risk status. Used to track work history and communication.