Risk Breakdown Structure (RBS) Template
This template enables you to create a hierarchical list of all the risks that affect your project. The purpose of the Risk Breakdown Structure (RBS) is to make sure that all project risks are decomposed into manageable chunks. Each risk is broken down into chunks that a practical to action and allow an appropriate mitigation strategy to be adopted.
It allows you to assign a unique ID to each risk and its associated category as well as indicate the type of strategy that will be adopted to mitigate its impact on the project and its objective. There are various ways the RBS can be represented for example as a table, flow or hierarchical chart. The additional appendices contain a version history, glossary of project terms and a document reference.
An essential element of any successful project is the ability to identify potential risks and assign the best strategy to mitigate its likely impact on the project. This can be achieved by breaking down each risk into actionable chunks and create a risk breakdown structure (RBS). This document will be updated throughout the life of the project as issues and changes occur.
The process is very similar to that performed the work breakdown structure (WBS) as it creates a hierarchical list of risks the project may or will face. Each risk is decomposed into various categories until it reaches its lowest level. At this level an action or strategy can be defined to mitigate its impact on the project.
An RBS can help to demonstrate the potential risks of a project and how this information feeds into an EVM analysisas part of a decision tree analysis that enables an organization achieve its goal. Successful project managers are constantly monitoring and evaluating the risks their project faces throughout its duration. They make sure that they receive all the necessary reports they need to track and control such risks.
