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Centre for Sustainable Agrifood Systems

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STARTProject Development Toolkit

Additional model

Risk assessment

Use this when a funding body requires a risk assessment, or when you want to reflect on what might go wrong during the project.

Where it’s used:Use at any point in the project development

How to use it

Some funding bodies require a risk assessment: an exercise in which you reflect on what might go wrong while executing your project. You evaluate the likelihood of each risk happening and its consequences should it happen.

  1. Table 1: list each risk with its likelihood (unlikely, possible, very likely) and consequence (minor, moderate, critical). Plot the risks in the risk matrix (Graph 1).
  2. Table 2: for each risk, describe prevention (what can be done to lower or eliminate the likelihood) and mitigation (what can be done to lower or eliminate the impact).
  3. Table 3: reassess likelihood after prevention and consequence with mitigation in place.
  4. Plot the risks back into the matrix (Graph 2) to show how they change with your prevention and mitigation strategy.

The funding body might ask for this in written form, as a table or as a graph. Always present your risk assessment as described by the application template. If no structure is given, we recommend including filled-out versions of Table 2 and Graph 2.

Graph 1: risks before prevention and mitigationA three-by-three risk matrix. Columns: likelihood Unlikely, Possible, Very likely. Rows: consequence Critical, Moderate, Minor. Low risk: minor or moderate consequence when unlikely, and minor when possible. Medium risk: the diagonal from critical-unlikely through moderate-possible to minor-very likely. High risk: critical when possible or very likely, and moderate when very likely. Handbook example with eight risks: risk 2 critical and unlikely; risk 3 critical and possible; risks 1, 5 and 7 critical and very likely; risk 8 moderate and unlikely; risks 4 and 6 moderate and possible.Graph 1: initial assessmentCriticalModerateMinorUnlikelyPossibleVery likelyLikelihoodConsequences23157846Graph 2: risks after prevention and mitigationThe same matrix after prevention and mitigation, with arrows from each risk's earlier position. Risk 1 moves to moderate and possible; risk 2 to minor and unlikely; risk 3 to moderate and unlikely; risks 4, 6 and 7 to minor and possible; risk 5 to minor and very likely; risk 8 to minor and unlikely.Graph 2: after prevention & mitigationCriticalModerateMinorUnlikelyPossibleVery likelyLikelihoodConsequences2315784623157846
Risks before (Graph 1) and after (Graph 2) prevention and mitigation. Example from handbook pp. 22–24.

Source: START Triple-I project development tool kit, pp. 22–24.