{"id":6104,"date":"2022-03-08T12:09:28","date_gmt":"2022-03-08T12:09:28","guid":{"rendered":"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/?post_type=article&#038;p=6104"},"modified":"2025-08-18T12:32:56","modified_gmt":"2025-08-18T07:02:56","slug":"how-to-manage-risks","status":"publish","type":"article","link":"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-manage-risks\/","title":{"rendered":"How to Add and Manage Risks"},"content":{"rendered":"<p>In this article, we will help you to understand how to add and manage risks.<\/p>\n<table style=\"line-height: 10px; height: 77px; width: 99.2704%; border-collapse: collapse; background-color: #f7f7f7;\">\n<tbody>\n<tr style=\"height: 108px;\">\n<td style=\"width: 100%; height: 77px;\">\n<p style=\"text-align: left;\"><strong>Skip Ahead to:<\/strong><\/p>\n<p style=\"line-height: 10px; text-align: left;\"><a href=\"#Overview\">Overview<\/a><\/p>\n<p style=\"line-height: 10px; text-align: left;\"><a href=\"#Navigation\">Navigation<\/a><\/p>\n<p style=\"text-align: left;\"><a href=\"#WhyAddRisks\">Why Add Risks in Nimble?<\/a><\/p>\n<p style=\"text-align: left;\"><a href=\"#BestUseCases\">Some of the Best Use Cases for Using Risks Workitem in Nimble<\/a><\/p>\n<p style=\"text-align: left;\"><a href=\"#Riskattributes\">Understanding Risk Attributes<\/a><\/p>\n<p style=\"text-align: left;\"><a href=\"#RiskIndex\">About Risk Index \u2014 How Risks are Quantified<\/a><\/p>\n<p style=\"line-height: 10px; text-align: left;\"><a href=\"#AddRisks\">Steps to Add &amp; Manage Risks<\/a><a id=\"Overview\"><\/a><a href=\"#AddRisks\"><\/a><a href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/incoming-webhooks\/#CreateWebhook\"><\/a><\/p>\n<p style=\"text-align: left;\"><a href=\"#CommonOperations\">Common Operations to Manage Risks<\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Overview<\/h2>\n<p>Risks are potential events or situations that can impact your project objectives if they occur. <b>Managing risks proactively<\/b> helps teams <b>anticipate uncertainties<\/b>, <b>minimize negative impacts<\/b>, and <b>stay on track to achieve project goals<\/b>.<\/p>\n<p><a id=\"Navigation\"><\/a>Nimble provides a <b>dedicated Risk workitem<\/b> to identify, assess, and monitor risks throughout the project lifecycle. This article explains the rationale behind adding risks and how to manage them efficiently using Nimble.<\/p>\n<h2>Navigation<a id=\"WhyAddRisks\"><\/a><\/h2>\n<p>The <b>Risks <\/b>workitem is available under the <b>Manage Menu<\/b> of each project.<\/p>\n<h2>Why Add Risks in Nimble?<\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Proactive Risk Management<\/b>: Risks help project teams identify possible threats <b>before they happen<\/b>, enabling preventive or mitigation actions.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Project Planning and Preparedness<\/b>: Capturing risks upfront ensures that all potential issues are visible to stakeholders and considered in the planning phase.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Tracking and Mitigation<\/b>: Risks can be tracked, prioritized, and resolved in a structured way, ensuring they do not derail the project&#8217;s success.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><a id=\"BestUseCases\"><\/a>Centralized Visibility<\/b>: All risks are maintained in one place, making it easier to monitor and update their status as the project progresses.<\/li>\n<\/ul>\n<h2>Some of the Best Use Cases for Using Risks Workitem in Nimble<\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New Project Planning<\/b>: Identifying risks related to budget, scope, or technology when starting a project.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Change Management<\/b>: Documenting risks associated with introducing new processes, tools, or team changes.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Vendor or Third-party Dependencies<\/b>: Tracking risks when critical deliverables are dependent on external vendors or partners.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><a id=\"Riskattributes\"><\/a>Compliance and Security<\/b>: Capturing risks related to regulatory changes, security vulnerabilities, or audits.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Time-sensitive Deliverables<\/b>: Identifying risks that could impact deadlines, especially for fixed-date projects or launches.<\/li>\n<\/ul>\n<h2>Understanding Risk Attributes<\/h2>\n<p>When you add a Risk workitem, you&#8217;ll capture some of the key details that help assess and prioritize risks:<\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Field<\/strong><\/td>\n<td><strong>Purpose<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Name<\/td>\n<td style=\"text-align: left;\">Short title to identify the risk.<\/td>\n<\/tr>\n<tr>\n<td>Description<\/td>\n<td style=\"text-align: left;\">Detailed explanation of the risk.<\/td>\n<\/tr>\n<tr>\n<td>Priority<\/td>\n<td style=\"text-align: left;\">The chances of happening risk in your project. Enter values between the range of 1 to 100.<\/td>\n<\/tr>\n<tr>\n<td>Probability (%)<\/td>\n<td style=\"text-align: left;\">ikelihood of the risk occurring (1 to 100).<\/td>\n<\/tr>\n<tr>\n<td>Risk Impact<\/td>\n<td style=\"text-align: left;\">Severity of the risk\u2019s effect (Small, Manageable, Critical, Catastrophic).<\/td>\n<\/tr>\n<tr>\n<td>Due Date<\/td>\n<td style=\"text-align: left;\">Target date to resolve or review the risk.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b><a id=\"RiskIndex\"><\/a>Note<\/b>: We have only given an understanding of some of the key attributes in the above table.<\/p>\n<h2>About Risk Index \u2014 How Risks are Quantified<\/h2>\n<p><b>Risk Index<\/b>: The Risk Index is a calculated value that helps assess the overall level of risk. It is calculated by <b>multiplying the Probability (%) of occurrence and the weight assigned to Risk Impact<\/b>, and then <b>expressing the result as a decimal (fraction)<\/b>.<\/p>\n<p><b>Formula<\/b>: <b>Risk Index = Probability(%) \u00d7 Risk Impact<\/b><\/p>\n<p><b>Probability (%)<\/b> \u2014 Chance of the risk happening (value between 1 and 100)<\/p>\n<p><b>Risk Impact<\/b> \u2014 Weight based on severity:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Small<\/b> = 1<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Manageable<\/b> = 2<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Critical<\/b> = 3<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Catastrophic<\/b> = 4<\/li>\n<\/ul>\n<p>For example, if a risk has:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Probability<\/b> = 60%<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Risk Impact<\/b> = Critical (3)<\/li>\n<\/ul>\n<p><b>Risk Index = (60%) \u00d7 3 = 0.60 \u00d7 3 = 1.80<\/b><b><br \/>\n<\/b>When further normalized (e.g., <b>divided by 10<\/b> to bring it between 0 and 1):<br \/>\n<b>Normalized Risk Index = 1.80 \u00f7 10 = 0.180<\/b><\/p>\n<p><b>Final Computation: Risk Index = ((Probability(%) \u00d7 Risk Impact) \u00f7 10<\/b><\/p>\n<p><b>Summary in Plain Language:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Risk Index<\/b> shows how serious a risk is, considering both its chance of occurring and how big an impact it would have.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a id=\"AddRisks\"><\/a>It is calculated by multiplying Probability and Risk Impact and converting that into a fraction for easy comparison.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Higher Risk Index = Higher priority risk.<\/b><\/li>\n<\/ul>\n<h2>Steps to Add and Manage Risks<\/h2>\n<p>To add new Risks:<\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Click the <\/b><b>ADD<\/b><b> button<\/b> on the Risk workitem listing page.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Enter key details such as Name, Description, Priority, Probability (%), Risk Impact, Due Date, Risk Category, etc.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Click the <b>SAVE<\/b> button to create the risk.<\/li>\n<\/ol>\n<p>Once a Risk workitem gets created, then the following tabs are visible:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/collaboration\/\" rel=\"noopener\">Comments &amp; Attachments<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/working-with-todos\/\" rel=\"noopener\">ToDos<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-manage-linked-cards-in-workitems\/\" rel=\"noopener\">Linked Cards<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/understanding-the-activity-log\/\" rel=\"noopener\">Activity Log<\/a><a id=\"CommonOperations\"><\/a><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/understanding-the-activity-log\/\" rel=\"noopener\"><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-add-and-modify-a-workitem\/#SystemFields\" rel=\"noopener\">System Fields<\/a><\/li>\n<\/ul>\n<h2>Common Operations to Manage Risks<\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-add-and-modify-a-workitem\/#EditWorkitem\" rel=\"noopener\">Edit<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-add-and-modify-a-workitem\/#MultilineAddItem\" rel=\"noopener\">Multiline Add Item<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-copy-and-delete-a-workitem\/#DeleteWorkitem\" rel=\"noopener\">Delete<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-export-and-import-workitems\/#ExportWorkitem\" rel=\"noopener\">Export<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-export-and-import-workitems\/#ImportWorkitem\" rel=\"noopener\">Import<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-copy-and-delete-a-workitem\/#CopyWorkitem\" rel=\"noopener\">Copy<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-print-workitems\/\" rel=\"noopener\">Print<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a target=\"_blank\" href=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-sort-the-list-view\/#MultiSort\" rel=\"noopener\">Multi Sort<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Log Effort for the Risks (available only for projects that have the \u2018Include in Timesheet\u2019 option selected for the Risks Form).<\/li>\n<\/ul>\n<div class=\"helpful-block-content wth-theme-thumbs\" data-title=\"\" >\n<ul>\n<li><span class=\"wth-title\">Was this helpful?<\/span><\/li>\n<li><a data-post=\"6104\" data-post-url=\"https:\/\/www.nimblework.com\/knowledge-base\/nimble\/article\/how-to-manage-risks\/\" data-post-title=\"How to Add and Manage Risks\" data-response=\"1\" href=\"#\" class=\"wth-green-btn icon-thumbsup\">Yes<\/a>&nbsp; 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