Managing Project Risks in Mastt

Objective

By the end of this guide, you'll be able to:

• Create and categorize risks in the Mastt Risk Module
• Assess risk likelihood and impact both pre and post-treatment
• Link risks to the Cost Module for financial forecasting
• Filter and visualize risks in the risk matrix

Prerequisites

• Access to a Mastt project
• Basic understanding of risk management concepts
• Familiarity with Mastt navigation

Video Walkthrough

 

Step-by-Step Risk Management

Creating a New Risk

1. Accessing the Risk Module

• When first entering the Risk Module, you'll find an empty register
• Click Add Risk in the bottom section or in the top left corner

2. Basic Risk Information

• Enter the risk name (e.g., "Latent Conditions")
• The system assigns a sequential risk number by default
  • You can customise this if you have a specific numbering system
• Toggle Key Risk for important risks (useful for dashboard filtering)
• Add a detailed risk description

3. Risk Categorization

• Select a primary category from the dropdown
• Add secondary categories if applicable

4. Risk Dates and Status

• Set the risk review date
• Set the possible realize date (when the risk might occur)
• Select risk status: Active, Draft, Realized, or Retired

Defining Causes, Impacts, and Treatments

1. Adding Causes

• Navigate to the Causes tab
• Enter a cause title and description
• Set the cause status (Active, Draft, Realized, Retired)
• Use the trash icon to delete causes if needed

2. Adding Impacts

• Navigate to the Impacts and Treatments tab
• Enter an impact title (e.g., "Delays")
• Set impact status (Active, Draft, Realized, Retired)
• Add a detailed description

3. Rating Pre-Treatment Impacts

• Set the likelihood of the risk occurring (e.g., Possible)
• Rate the impact severity using the slider or matrix
• Specify the potential cost impact before treatment
• Specify the potential time impact (delay in days)

4. Adding Treatments

• Enter a treatment name
• Set treatment status (Active, Draft, Realized, Retired)
• Add a detailed description of the treatment approach
• Assign responsibility for implementing the treatment

5. Rating Post-Treatment Impacts

• Reassess the likelihood after treatment
• Reassess the impact severity after treatment
• Update the expected cost impact after treatment
• Update the expected time impact after treatment

Integrating with the Cost Module

1. Enabling Cost Integration

• Return to the Risk tab
• Toggle on Cost Module integration
• The system displays the total post-treatment impact cost

2. Adjusting Risk Factors

• Apply a factor percentage to adjust the impact
  • Use 100% to send the full amount
  • Adjust up (e.g., 125%) or down (e.g., 25%) based on confidence
• Select which budget to assign the risk to
• Click Save to complete

Visualizing and Exporting Risks

1. Reviewing Risk Visualizations

• The risk matrix shows risks plotted on a 5x5 grid
• Compare pre-treatment and post-treatment positions
• View risks by category
• See total risk provisions and costs by category

2. Filtering Risks

• Click the three dots next to any column header
• Select Filter and set your criteria
• For example, filter to show only key risks

3. Exporting Risk Data

• Click Export to generate a CSV file
• Choose between:
  • Current View: Respects your filters
  • All Data: Exports all risks regardless of filters

4. Additional Settings

• Click the settings cog on the right-hand side
• Toggle Wrap Text for better visibility of long descriptions

Common Pitfalls and Solutions

• Issue: Categories not appearing
  • Solution: Contact Mastt Support to add custom categories
• Issue: Risk not appearing in Cost Module
  • Solution: Ensure Cost Module integration is toggled on
• Issue: Matrix not updating
  • Solution: Save your risk after making changes
• Issue: Long descriptions cut off
  • Solution: Use the Wrap Text option in settings

Next Steps

Now that you understand how to manage risks, explore the Cost Module Overview to learn how to track your project's financial performance in Mastt.