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Decision MakingPremiumintermediate
4.7

Build a Risk Assessment Matrix for Any Decision

Identify, score, and prioritize risks with mitigation strategies before committing to any project or plan

Copy & Paste this prompt
I need a risk assessment for [PROJECT/DECISION/INITIATIVE].

Context:
- What I'm planning: [DESCRIBE THE PLAN]
- Timeline: [WHEN DOES THIS NEED TO HAPPEN]
- Budget/resources: [WHAT'S AVAILABLE]
- Stakeholders: [WHO IS AFFECTED]
- Industry: [RELEVANT FIELD]

Build a comprehensive risk assessment:

1. RISK IDENTIFICATION
   List 10-15 risks across these categories:
   - Financial risks
   - Operational risks
   - Technical risks
   - People/team risks
   - External/market risks
   - Reputational risks
   - Legal/compliance risks

2. RISK SCORING MATRIX
   For each risk, score:
   - Likelihood (1-5): How probable is this?
   - Impact (1-5): How bad if it happens?
   - Risk Score = Likelihood × Impact
   - Detectability: How early would we notice?

3. RISK PRIORITIZATION
   - Sort risks by score (highest first)
   - Classify: Critical (20-25) / High (12-19) / Medium (6-11) / Low (1-5)
   - Identify the top 5 risks that need immediate attention

4. MITIGATION STRATEGIES
   For each Critical and High risk:
   - Prevention: What stops this from happening?
   - Contingency: What's Plan B if it does happen?
   - Owner: Who should be responsible for monitoring this?
   - Early warning signal: What tells us this risk is materializing?

5. RISK RESPONSE PLAN
   - Which risks do we Accept / Avoid / Transfer / Mitigate?
   - What's the total risk budget (time and money for mitigation)?
   - Decision: Is the overall risk profile acceptable for the expected reward?

Be specific to MY situation, not generic corporate risk language.
#decision-making#strategy#build#risk#assessment

Works with

chatgptclaudegemini

💡 Pro Tips

  • •Update the risk matrix monthly — risks change as the project evolves
  • •The risks you don't think of are the ones that kill projects — ask 3 different people to add risks
  • •Assign every high risk an owner — unowned risks never get mitigated

✨ Example Output

Project: Launching a new SaaS product in 6 months

RISK SCORING MATRIX:
| Risk | Likelihood | Impact | Score | Priority |
| Key developer leaves mid-project | 3 | 5 | 15 | HIGH |
| Feature scope creep delays launch | 4 | 4 | 16 | HIGH |
| Market competitor launches first | 3 | 4 | 12 | HIGH |
| AWS costs exceed budget | 2 | 3 | 6 | MEDIUM |
| Security vulnerability in MVP | 2 | 5 | 10 | MEDIUM |
| Payment integration fails at launch | 1 | 5 | 5 | LOW |

TOP RISK MITIGATION:
#1 Feature Scope Creep (Score: 16)
- Prevention: Define MVP scope in writing, require sign-off for any additions
- Contingency: Pre-defined "cut list" of features that can ship in v1.1
- Owner: Product manager
- Early warning: More than 2 scope change requests in any sprint

#2 Key Developer Leaves (Score: 15)
- Prevention: Retention bonus tied to launch, ensure knowledge is documented
- Contingency: Identify backup contractor who can ramp up in 2 weeks
- Owner: Engineering lead
- Early warning: Signs of disengagement, updated LinkedIn profile

OVERALL ASSESSMENT: Risk profile is MODERATE. Proceed with mitigation plan in place. Total risk budget: $15K reserve + 3-week schedule buffer.