Notion – Project Risk Assessment Tracker (Supply Chain) Template

Use this template to assess the risk within projects.

What is a 5×5 Risk Matrix?

A 5×5 Risk Matrix is a valuable tool widely utilized in risk management and assessment processes, allowing organizations and project managers to evaluate and categorize risks systematically. This matrix is a grid of 5 rows and 5 columns, creating a total of 25 cells, each of which represents a different risk level. Risks are categorized based on two main criteria: the likelihood of occurrence and the potential impact or severity of the consequence if the risk materializes. Each axis of the matrix typically has five levels, commonly designated as Very Low, Low, Medium, High, and Very High (or an equivalent set of labels).

When using a 5×5 Risk Matrix, professionals identify and locate each risk on the grid. The horizontal axis represents the likelihood, while the vertical axis represents the impact. By plotting risks in the appropriate cells, users can visualize and prioritize them efficiently, enabling effective planning and allocation of resources to mitigate significant risks. This visualization also aids in developing comprehensive risk management strategies and promoting clear communication among team members about the potential risks and their severity. This tool is particularly beneficial in industries where meticulous risk planning and management are crucial, like construction, finance, healthcare, and manufacturing.

How do you use a 5×5 Risk Matrix? How is the score calculated?

Using a 5×5 Risk Matrix begins with identifying and listing potential risks involved in a specific project or operational area. Each risk is then assessed based on its likelihood of occurring and the severity of its impact. The likelihood and impact are each rated on a scale from 1 to 5 (with 1 being very low and 5 being very high), and these values are used to place the risk within the matrix.

The score for a particular risk is often calculated by multiplying the likelihood and impact values, which yields a risk score ranging from 1 to 25. For example, a risk with a likelihood of 2 (Low) and an impact of 4 (High) would receive a risk score of 8. Alternatively, some organizations prefer to simply plot risks on the matrix without calculating a numerical score, using the matrix as a visual tool to understand and communicate about risk. Once all risks have been rated and plotted or scored, mitigation strategies can be developed. Typically, risks that fall into the higher score ranges (the top right area of the matrix) are prioritized for action, as they represent a combination of high likelihood and high impact. The 5×5 Risk Matrix helps teams and organizations identify which risks need urgent attention and resources, aiding in the strategic planning and decision-making process.

Why You Need This Template

In the dynamic field of supply chain management, risk assessment is crucial. The Project Risk Assessment Tracker (Supply Chain) Template is designed to simplify this process for you. With this template, you can systematically assess risks within your projects, ensuring that you are well-prepared to handle any disruptions or challenges in your supply chain efficiently.

Template Features

Vendor Database: Add your vendors to a dedicated database at the bottom of the template. This feature allows you to have all vendor-related information at your fingertips, facilitating quick and informed decision-making.
Risk Calculator: The template includes a Calculator database where you can score the probability (from 1 to 5) and impact (from 1 to 5) of each risk. This calculated risk level can then be used when listing out your projects, providing a clear and quantifiable measure of project risk.
Project and Vendor Connection: Easily connect vendors to your projects by selecting them in the Vendors column. This feature ensures that all relevant information is interconnected, providing a comprehensive overview of your projects and associated risks.
5×5 Risk Matrix: Understand and utilize the 5×5 risk matrix included in the template to evaluate the risk score and risk level associated with each project, aiding in effective risk management and mitigation strategies.

Adding Template To Your Account

Purchase Template: First, purchase the Project Risk Assessment Tracker (Supply Chain) Template from Gumroad.
Duplicate the Template:
- After your purchase, open the template link.
- You will find a “Duplicate” button at the top-right corner of the page. Click on this button.
- Notion will then prompt you to select a workspace. Choose the workspace where you want the template to be added.
- The template will be duplicated into your selected workspace, and you can start using it immediately.
Customize as Needed: Once the template is in your account, you can customize it to suit your specific needs. Add or remove fields, adjust the formatting, or make any other changes you see fit.

By following these steps, you can seamlessly integrate the Project Risk Assessment Tracker (Supply Chain) Template into your Notion workspace and begin optimizing your supply chain risk assessment processes right away.

Notion – Project Risk Assessment Tracker (Supply Chain)