VER DISCO Initial Risk Assessment Creating an initial risk assessment involves identifying potential risks, evaluating their likelihood and impact, and determining mitigation strategies. How To Perform The initial risk assessment is performed using the following five step process and documented in the project risk and issue log template for review and discussion with the customer project/program lead and business sponsor. 1. Risk Identification List all potential risks that could affect the project or activity. Consider different categories such as technical, financial, operational, strategic, and compliance risks. 2. Risk Analysis Evaluate each risk in terms of its likelihood and impact. Use a predefined scale (e.g., 1-5) to quantify these factors. 3. Risk Evaluation Determine the priority of each risk based on its risk level. Define acceptable risk thresholds and categorize risks into low, medium, and high priorities. 4. Risk Mitigation Strategies For each identified risk, outline the mitigation measures that can reduce the likelihood or impact of the risk. 5. Monitoring and Review Plan how you will monitor and review the risks throughout the project lifecycle. Determine the frequency of reviews and the process for updating the risk assessment.