How to Create a Project Risk
Complete guide to creating and configuring project risks in Mastt
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
- Select Risk Module from the side navigation bar in your project.
- Click the + Add Risk blue button in the upper left corner
- Enter the basic risk information:
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- Title: Name your risk clearly
- Status: Select from Active, Draft, Realised, or Retired
- Risk Number: Auto-increments but can be customised
- Key Risk: Toggle on to feature this risk
- Description: Provide a detailed explanation of the risk
Set risk categories and dates
- Select Primary and Secondary Categories from the dropdown menus
- Set Risk Review Dates for regular assessment
- Add Possible Realised Dates if applicable
Add causes (optional)
- Click the Causes tab
- Select + Add Causes
- Enter the cause name, status, and description
Configure impacts and treatments
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Navigate to the Impacts and Treatment tab
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Click + Add Impact
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For each impact, enter:
- Title and description
- Status
- Pre-treatment risk rating
- Pre-treatment cost and delay estimates
- Post-treatment risk rating (likelihood and impact)
- Post-treatment cost and delay estimates
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Within each impact, click + Add next to Treatments
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For each treatment, provide:
- Title and description
- Status
- Responsible person or organisation
- Click Save once completed
Set up risk provisions
- Return to the Risk tab
- Toggle on Cost Module
- Enter cost amount (defaults to total post-treatment impact cost)
- Set Factor Percentage if your organisation uses risk likelihood factors
- Select the Budget for the risk provision
- Click Save to complete
Generate your risk register
- From the Risk Module main page, locate the Download Excel button
- Click Download Excel to export the standard Risk Register format
- 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
- Problem: Risk categories don't match your organisation's standards. Solution: Contact Mastt support to customise your risk categories
- Problem: Cost provisions aren't linking to the budget. Solution: Ensure your project budget is properly configured before adding risk provisions