Profit.co PPM lets you decide which stages a project risk can be marked with, from the moment it is logged to the point it is closed. You can add your own stages, edit existing ones, and switch individual stages on or off.
Table of Contents
- What Is a Risk Status Workflow?
- Why Do Risk Status Workflows Matter?
- How Do I Create and Edit Risk Statuses?
- What Happens When You Configure Risk Statuses?
- What Else Can You Configure on the Risks Tab?
- What Are the Best Practices for Risk Status Workflows?
- Related Articles
- What Are Some Frequently Asked Questions About Risk Status Workflows?
What Is a Risk Status Workflow?
A risk status workflow is the list of statuses maintained in the Statuses section of the Risks tab in Governance settings. Each status has a Color, a Name, and an Enabled toggle, and it is the value a risk carries in its Status field.
Profit.co provides four default statuses, all enabled out of the box:
| Default Status | Color | Enabled by Default |
|---|---|---|
| New | Light blue | Yes |
| Investigation | Blue | Yes |
| Implementation | Darker blue | Yes |
| Closed | Green | Yes |
This list covers risks only. Issues have their own status list on the Issues tab.
Why Do Risk Status Workflows Matter?
Without a shared list, each team describes the stage of a risk in its own words, and risk registers across projects stop being comparable. Configuring statuses centrally gives every project the same set of stages to choose from.
| Benefit | What Changes |
|---|---|
| Stages that match your process | You can add statuses beyond New, Investigation, Implementation, and Closed when your PMO tracks additional stages. |
| Readable status reporting | The Risk Status widget on the project dashboard groups risks by current status, so consistent status names keep that breakdown meaningful. |
| Control over active stages | The Enabled toggle lets you switch a status on or off from the same table where you manage it. |
How Do I Create and Edit Risk Statuses?
Note
You need Super User access to manage risk configurations in Settings.
Add a Custom Status
- Go to Settings → Portfolios and Projects → Governance from the left navigation panel.
- Switch to the Risks tab.
- Scroll to the Statuses section, below Number Generation.
- Click + Create Status.
- Enter the status details and save the status.
Edit or Disable an Existing Status
- In the Statuses table, find the status you want to change.
- Click the edit (pencil) icon in the Action column.
- Update the status details and save your changes.
- Use the Enabled toggle in the status row to switch it on or off.
What Happens When You Configure Risk Statuses?
| Scenario | What Happens |
|---|---|
| You create a new status. | Profit.co adds it to the Statuses table alongside the existing statuses, with its own Enabled toggle and edit icon. |
| You finish setting up your status list. | Profit.co offers these statuses as the options in the Status field of the Add Risk side panel. |
| You assign statuses to risks in a project. | Profit.co’s Risk Status widget on the project dashboard shows how that project’s risks are distributed across those statuses. |
What Else Can You Configure on the Risks Tab?
Statuses share the Risks tab with several other risk settings. Each is configured separately:
| Setting | What It Controls |
|---|---|
| Number Generation | Auto-generated risk numbers, using the Auto Generate toggle, a Prefix of up to 10 characters, and a required Starts With value of up to 10 characters. |
| Response | Predefined risk responses, such as No Response, added with + Create Response. |
| Impact | Impact levels scored from Very Low (1) to Very High (5). |
| Probability | Probability scores starting from Very Unlikely (1). |
| Risk level | The Risk Level Matrix, mapping Probability (X-axis) against Impact (Y-axis). |
| Master Layout | Risk fields such as Risk Name, Category, Impact, Probability, Mitigation Plan, Owner, and Status, plus who can create, edit, and view risks. |
What Are the Best Practices for Risk Status Workflows?
- Review the four default statuses before adding new ones, since all four are enabled out of the box and may already cover your stages.
- Agree the status list with your PMO before teams start logging risks, because these statuses are the options teams pick in the Add Risk side panel.
- Name each status as a clear stage, since the Risk Status widget labels its breakdown by status name.
- Choose a colour for each new status that stands apart from the three blue shades used by New, Investigation, and Implementation.
Related Articles
What Are Some Frequently Asked Questions About Risk Status Workflows?
On the Issues tab, next to Risks under Settings → Portfolios and Projects → Governance. Issue statuses are managed separately from risk statuses.
No. Profit.co calculates Risk Level from the risk’s Impact and Probability scores, producing a composite value from 1 to 25.
Yes. Open the portfolio and go to its Risks tab, which groups every risk by project.
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