Tip #13

Prioritise risks

You can prioritize risks based on their impact and likelihood. But beware that the assessment of risk's likelihood and impact is an estimate only, doesn't include an assessment of timeframes (for example when the risk might materialize), is often biased, and can sometimes give a false sense of security.

Sometimes assigning a risk rating can oversimplify the complexity, and doesn't take into account how risks interact with each other.

However, it's a simple method to implement and introduce to a team not yet familiar with risk management. It promotes discussion, makes the analysis process faster, and helps to prioritize and evaluate the most important areas of risk.

Bibliography

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agile risk management template for teams