Rank will be discussed in section 1.3.
• Risk is the description of the risk itself, preferably stated in CTC format.
• Probability is the likelihood of the risk occurring, using either a numeric or
categorical scale, as discussed in the last section.
• Impact is the magnitude of the loss if the risk were to occur, using either a numeric
or a categorical scale.
• Rank last week and the number of weeks on list are documented so the team can
monitor changes in priority, to determine if actions are being taken that cause
changes in the stature of the risk.
• Action documents what the team is doing to manage the risk, as will be discussed in
sections 1.4-1.5. The action field is often not completed until the risks have been
prioritized, as will be discussed in the next section.