How to Create a Project Risk

The Risk Module helps you identify, assess, and manage project risks throughout your construction project lifecycle. Creating a risk entry allows you to track causes, impacts, treatments, and associated costs in one place.

Before You Start

• Confirm your risk categories are configured. Contact Mastt Support for customisation.
• Have your project budget set up if you plan to use risk provisions.

Creating a Risk

1. Navigate to the Risk Module from the side navigation bar, then click + Add Risk in the upper left corner.
2. Enter a Title, select a Status (Active, Draft, Realised, or Retired), and review the auto-generated Risk Number (overwrite if needed).
3. Toggle on Key Risk to feature this risk in reports, and add a Description explaining the risk in detail.
4. Select a Primary Category and Secondary Category if applicable.
5. Set Risk Review Dates and Possible Realised Dates as needed.

Adding Causes

Documenting root causes is optional but helps provide a more complete picture when reviewing risks.

1. Click the Causes tab, then click + Add Causes.
2. Enter the cause name, status, and description. Repeat for additional causes.

Configuring Impacts and Treatments

Add an Impact

1. Navigate to the Impacts and Treatment tab and click + Add Impact.
2. Enter a Title, Description, and Status for the impact.
3. Set the Pre-treatment Risk Rating (likelihood and impact) and enter Pre-treatment Cost and Delay Estimates.

Add a Treatment

1. Within an impact entry, click + Add next to Treatments.
2. Enter a Title, Description, Status, and assign the Responsible person or organisation.
3. Set the Post-treatment Risk Rating (likelihood and impact) and enter Post-treatment Cost and Delay Estimates.
4. Click Save once all impacts and treatments are complete.

Setting Up Risk Provisions

If your risk has a potential cost impact, setting up a provision ensures it is accounted for in your overall project financials.

1. Navigate back to the main Risk tab and toggle on the Cost Module section to enable the risk provision.
2. Enter the cost amount (defaults to total post-treatment impact cost) and set the Factor Percentage if your organisation uses risk likelihood factors.
3. Select the Budget for the provision, then click Save.

Once saved, the risk provision appears on the Overall page in the Cost Module under the budget you selected. It also contributes to your project's Forecast Final Cost (FFC) on the Forecast page.

Exporting Your Risk Register

1. From the Risk Module main page, click Download Excel.
2. Your file will include all risks with their causes, impacts, treatments, and cost provisions.

Troubleshooting & FAQs

Q: Why aren't my cost provisions linking to the budget?

Ensure your project budget is properly configured before adding risk provisions. Check that the selected budget line exists and has not been closed.

Q: Can I edit a risk after saving it?

Yes. See How to Edit and Delete Risks for detailed instructions.

Q: What is the difference between pre-treatment and post-treatment ratings?

Pre-treatment ratings reflect the risk level before any mitigating actions. Post-treatment ratings reflect the expected level after treatments are applied.

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