The risk urgency assessment is a project management process that reviews and determines the timing of actions that need to happen sooner than the other risk items. The purpose of this particular type of risk assessment is that it identifies the near term risks. This means that it allows project managers to identify which risks should be considered urgent or requires their immediate attention. There are different factors that can help project managers identify near-term risks to effectively carry out risk urgency assessment. Below are the many factors that characterize the near-term risks.
- Time available: The project management team needs a certain amount of time to implement responses and the responses are useful only if they are implemented within a certain time frame.
- Warning signs of risks: The warning signs of risks are also called risk triggers. They can help the risk management team identify if a certain risk requires urgent responses. Some risks allow small response window for the risk management team while some require a large window.
- Risk rating score: This is the numeric rating based on the impact and probability of risk. This means that risks with higher scores are risks that may occur soon.
This term is defined in the 5th edition of the PMBOK.