Vega - Risks list

Probability level	Description	Value	Impact value	Impact description	Value
Risk probability			Risk impact
Very low	In past projects experience you have never seen this happen, but it probably could	0.05	Very Low	Small monetary loss or a few days of delay	1
Low	It has happened on occasion	0.25	Low	Manageable monetary loss or a few weeks of delay	2
Moderate	Sometimes it happens and sometimes not	0.5	Moderate	Heavy monetary loss or significant delay that doesn't endanger project success in general	3
High	Most of the time this event happens	0.75	High	A loss or a delay that can endanger overall project success	4
Very high	It has happened on almost every project and you think it always will but there is a chance of escape	0.95	Very high	Project failure and possible additional losses	5

Risk Exposure

Risk exposure value is calculated by the given formula:

Risk Exposure Value = Risk Probability * Risk Impact

The following table provides the possible exposure values:

Probability							Risk exposure	Color	Risk priority
		0.05	0.25	0.5	0.75	0.95	0 - 0.75	Green	Low risk
I M P A C T	1	0.05	0.25	0.5	0.75	0.95	0.95 – 2.25	Amber	Moderate risk
	2	0.1	0.0.5	1	1.5	1.9	2.5 – 4.75	Red	Critical risk
	3	0.15	0.75	1.5	2.25	2.85	Prioritization of risks must be done based on Risk Exposure value as follows: If Risk Exposure value is Green (i.e. for Low Risks) Mitigation Plan or Contingency Plan are not obligatory. If Risk Exposure value is Amber (i.e. for Moderate Risks) Mitigation Plan is required, Contingency Plan could be developed but is not obligatory. If Risk Exposure Value is Red (i.e. for Critical Risks) Both Mitigation and Contingency Plans are required.
	4	0.2	1	2	3	3.8
	5	0.25	1.25	2.5	3.75	4.75

Risk category	Risk source	Risk Description/Summary	Risk Probability	Risk Impact	Risk Exposure	Risk Exposure	Risk status (open/treated)	Risk Treatment Strategy (avoidance/ reduction)	Last Update date	Mitigation Plan (Treatment strategy description)	Assignee	Date of Risk Occurrence	Issue Status	Contingency Plan	Contingency Plan Assignee

Folio Development Teams