Help CenterRisk – Status
Module: Project Management → Status → Risks
The Risk Status configuration defines all possible states that a risk may assume throughout its lifecycle. These statuses help teams identify, evaluate, treat, and monitor risks in a standardized way across all projects.
Each record represents one status that can be applied to risks during their progression.
Access Path
Project Management → Status → Risks
1. Purpose of Risk Statuses
Risk statuses provide structure and clarity for managing risks across different project phases. They support:
- Proper documentation of the risk lifecycle
- Standardized terminology in all projects
- Transparent follow-up of mitigation actions
- Accurate visibility in dashboards and reports
- Better communication with project stakeholders
Having a clear and consistent set of statuses ensures stronger governance and compliance with risk-management practices.
2. Risk Status List
The list displays all statuses available for use in risk records.
Typical columns:
- Name – The status label
- Description – Additional context (optional)
- Company – Scope of availability (Tenant-Wide or specific company)
Available actions:
- Add a new risk status
- Edit or delete existing statuses
- Sort and filter the list
- Export records for offline analysis
3. Adding a Risk Status
Click Add Risk Status to open the entry form.
3.1 Required Fields
| Field | Description |
|---|---|
| Name | Name of the risk status as shown to users. |
3.2 Optional Fields
| Field | Description |
|---|---|
| Company | Defines whether the status applies globally (Tenant-Wide) or only to a specific company. |
4. How Risk Statuses Affect Project Management
Risk statuses directly influence:
- Risk dashboards and reporting
- Heatmaps and probability–impact matrices
- Audit trails related to mitigation efforts
- Monitoring processes by project managers and risk owners
- Governance assessments during steering committees
Using appropriate statuses ensures that risks are treated consistently across the project portfolio.
5. Recommendations
- Use statuses aligned with the official risk lifecycle.
- Avoid duplicate or ambiguous terminology.
- Keep descriptions updated to clarify any unclear terms.
- Regularly review statuses to ensure they reflect organizational practices.
- Encourage project teams to update statuses frequently to maintain reporting accuracy.
6. Summary
Risk statuses provide a structured way to track and manage project risks throughout their lifecycle.
They ensure:
- Consistent risk documentation
- Proper follow-up and mitigation
- Improved visibility for managers
- Accurate and meaningful reporting
Well-configured statuses are fundamental for effective risk governance.
Related Articles
Project Management – Status – Milestones
Project Management – Status – Work Items
Project Management – Impacts - Scores
Project Management – Impacts - Levels
Project Management – Impacts - Risks
Project Management - Impacts - Categories
Project management - Impacts - Probabilities
Project Management – Work Item Types
Project Management – Project Types