Risk Assessment Template

Risk assessment is where most decision processes fail. Teams either ignore risks entirely (optimism bias), over-index on a single catastrophic scenario (availability bias), or create risk registers that sit unread in a shared drive.

This template applies four specialized risk frameworks. Risk Matrix provides the classic probability-versus-impact mapping for each identified risk. FMEA (Failure Mode and Effects Analysis) systematically identifies how things can go wrong, their effects, and detection capability. Bow-Tie Analysis connects threat sources to consequences through preventive and mitigating controls. And Monte Carlo Simulation models probability distributions to quantify aggregate risk exposure.

The result is a comprehensive risk assessment that identifies, scores, and prioritizes risks — not just lists them.

Best For

  • Project managers assessing initiative risk before kickoff
  • Risk managers performing systematic organizational risk assessment
  • Engineering teams evaluating technical and operational risks
  • Executives reviewing risk profiles of strategic initiatives

How to Use This Template

  1. 1

    List 2-4 projects, initiatives, or scenarios you need to assess for risk.

  2. 2

    Describe known risks, uncertainties, dependencies, and failure scenarios.

  3. 3

    SolveRight runs 4 risk frameworks and scores each option's risk profile.

  4. 4

    Review FMEA results to identify the highest-priority failure modes.

  5. 5

    Export the risk assessment for governance review or project charter documentation.

Frameworks in This Template

These frameworks are pre-selected for this template. All 155 frameworks are available in every analysis.

Risk Assessment Matrix

Maps risks by probability and impact to quantify overall risk exposure

FMEA (Failure Mode and Effects Analysis)

Identifies potential failure modes and their severity, occurrence, and detection

Bow-Tie Analysis

Maps causes, controls, and consequences of a hazard event in a single visual model

Monte Carlo Simulation

Generates probability distributions of outcomes under uncertainty via thousands of random iterations

Sample Options

Example options you might compare with this template:

Project Alpha (high growth, high risk)Project Beta (steady, low risk)Project Gamma (innovative, uncertain)

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Risk Assessment Template — Frequently Asked Questions

How does Monte Carlo simulation work without historical data?+
SolveRight estimates probability distributions from your risk descriptions. For more precise analysis, you can input actual probability ranges and correlation assumptions during the enrichment step.
Can I assess risks for a single project, not compare multiple?+
Yes. Even for a single project, structure your options as scenarios: 'proceed as planned,' 'proceed with mitigation plan,' 'delay until risks addressed.' This forces explicit comparison of risk-adjusted approaches.
How does FMEA differ from a standard risk register?+
FMEA scores risks on three dimensions — severity, occurrence probability, and detection capability — producing a Risk Priority Number (RPN). This prioritizes risks by how dangerous they are AND how likely you are to catch them before they cause damage.

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