How to Create a Project Risk

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

Before you start:

• Confirm your risk categories are configured (contact Mastt Support for customisation)
• Have your project budget set up if using risk provisions

Steps

Create a new risk

1. Select Risk Module from the side navigation bar in your project.
2. Click the + Add Risk blue button in the upper left corner
3. Enter the basic risk information:

1. 1. Title: Name your risk clearly
   2. Status: Select from Active, Draft, Realised, or Retired
   3. Risk Number: Auto-increments but can be customised
   4. Key Risk: Toggle on to feature this risk
   5. Description: Provide a detailed explanation of the risk

Set risk categories and dates

1. Select Primary and Secondary Categories from the dropdown menus
2. Set Risk Review Dates for regular assessment
3. Add Possible Realised Dates if applicable

Add causes (optional)

1. Click the Causes tab
2. Select + Add Causes
3. Enter the cause name, status, and description

Configure impacts and treatments

1. Navigate to the Impacts and Treatment tab

2. Click + Add Impact

3. For each impact, enter:

   1. Title and description
   2. Status
   3. Pre-treatment risk rating
   4. Pre-treatment cost and delay estimates
   5. Post-treatment risk rating (likelihood and impact)
   6. Post-treatment cost and delay estimates

4. Within each impact, click + Add next to Treatments

5. For each treatment, provide:

   1. Title and description
   2. Status
   3. Responsible person or organisation
6. Click Save once completed

Set up risk provisions

1. Return to the Risk tab
2. Toggle on Cost Module
3. Enter cost amount (defaults to total post-treatment impact cost)
4. Set Factor Percentage if your organisation uses risk likelihood factors
5. Select the Budget for the risk provision
6. Click Save to complete

Generate your risk register

1. From the Risk Module main page, locate the Download Excel button
2. Click Download Excel to export the standard Risk Register format
3. Your Excel file will include all risks with their causes, impacts, treatments, and cost provisions

To view more details on editing and deleting risks, click here.

Result: Your risk is now added to your project risk register and will appear in relevant dashboards and reports.

Troubleshooting & FAQ

Q: What if the risk categories don't match my organisation's standards?

Contact Mastt support to customise your risk categories to align with your company's framework.

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 available capacity.