Identify the cause of a risk and apply impacts & treatments.
Identify, assess, and manage causes of risks with Mastt’s Causes feature, eliminating spreadsheet risk management with a single, easy to use table combining risks, causes, impacts, treatments, and more.
If you are looking for Mastt's complete Risk Register solution, go here. Otherwise, learn more about Causes in Mastt below. 👇
Causes are the underlying factors or reasons that contribute to the occurrence of project, program or portfolio risks. Understanding the causes of risks is essential for developing mitigation strategies and performing a risk likelihood and impact assessment.
Common challenges we see in managing causes:
❌ Spreadsheet Difficulty: Using spreadsheets to manage risk and incorporate causes by adding columns, rows and formulas is difficult.
❌ No Risk Management Framework: Without following global standards and a well-defined risk matrix, evaluating the impact of causes will be guessing and inconsistent.
❌ No Treatment & Impact Tracking: No direct linkage between causes, impacts & their treatments makes likelihood and impact assessment non compliant with global standards.
❌ Poor Documentation: Inadequate recording of causes, treatments and impacts makes pro active risk management impossible.
❌ Reporting: Formatting / transposing spreadsheet tables into charts and visualizations for reporting takes a huge amount of time for an unsatisfactory, out of date result.
❌ Manual Aggregation: To obtain program or portfolio visibility, resources need to collate and format data from multiple sources, contributing to inaccuracies and delays.
Mastt’s easy to use risk management tools will ensure best practice risk management processes are followed.
🔷 Add Cause: List the reasons causing an identified risk.
🔷 Track Status: Manage causes through status of draft, active, retired or realized.
🔷 Impacts: Add risk impacts / consequences in response to a risk's cause.
🔷 Treatments: Mitigate causes & their impacts by adding treatments to reduce likelihood and/or impact ratings.
🔷 Risk Matrix: Use a 5x5 or 4x4 risk matrix to assess likelihood and impacts.
🔷 Drill-Down Analysis: Access detailed breakdowns of risk data for in-depth analysis and prompt decision-making.
🔷 Charts and Visualizations: Utilize built-in charts, tables, and visualizations to analyze risk ratings, categories, and cost/time impacts effectively.
🔷 Aggregate Risk Data: Easily aggregate risk data automatically by adding or removing projects from programs and portfolios.
🟢 Identify Thoroughly: Conduct thorough analyses to identify all potential causes of risks, ensuring input from the wider project team is considered.
🟢 Assess Impact: With causes identified, use a structured approach to evaluate the potential effects of identified causes on project outcomes.
🟢 Plan Mitigations: Develop detailed mitigation strategies to address and mitigate causes, ensuring long-term project stability. Assign ownership of these treatments to project personnel to ensure accountability.
🟢 Track Regularly: Monitor the status of mitigation efforts regularly to ensure they are implemented effectively. This can occur through independent review or the facilitation of risk workshops at incremental periods throughout the project lifecycle.
🟢 Maintain Records: Keep comprehensive records of all identified risks and their mitigation actions for future reference, compliance, and historical context.
🟢 Communicate Clearly: Keep all stakeholders informed about identified causes and mitigation plans. Regular communication ensures that all parties are aware of potential issues and can contribute to managing them.
Are you a Mastt user? For detailed information about this feature, please visit this Help Page article. You can also explore more articles at help.mastt.com.
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