Risk Management lets you log each project risk, score it by impact and probability, assign an owner and a response, and link the tasks that will address it, all in one portfolio-wide register.
Table of Contents
What is Risk Management?
Risk Management is a portfolio-wide register where each risk is logged against a project, scored by Impact and Probability on five-point scales, and given a response strategy of Accept, Mitigate, Transfer, or Avoid. Risks roll up to a portfolio Risks tab with a Matrix View heat map and portfolio-level filtering.
Every risk carries an auto-generated ID and moves through the statuses New, Active, Mitigated, and Closed, so the register doubles as an audit trail from identification to resolution.
Tip
Sort the risk register by any column heading, such as priority, date, or owner, to reprioritize the whole portfolio in one click.
Why Does Risk Management Matter?
Without a single register, risks surface in meetings or by opening projects one at a time, and a risk with no owner or linked action is only an observation. The portfolio Risks tab consolidates every risk across all projects, and the Matrix View makes high-impact, high-probability threats stand out immediately.
Linking tasks to a risk is what makes it proactive. Mitigation accountability lives on the risk record itself, so you see progress as tasks complete and catch the ones that fall overdue.
How Does Risk Management Work?
Step 1: Open the Portfolio Risks Tab
- Click the Risks tab inside a portfolio to see every risk across its projects, with each project as a collapsible row.
- Filter by Portfolio Level to scope to specific sub-portfolios, or switch to Matrix View for the 5 by 5 heat map.
Step 2: Add a Risk
- Click + Add Risk to open the side panel.
- Name the risk, link it to a project, assign an owner, and set a due date.
Step 3: Score Impact and Probability
- Set Impact and Probability on the five-point scales from Very Low to Very High.
- Watch the live matrix preview, then choose a response strategy of Accept, Mitigate, Transfer, or Avoid.
Step 4: Link Tasks to the Risk
- Open the Associate Tasks section and link the project tasks that will address the risk.
- Each linked task shows its assignee, priority, and due date on the risk record.
What Happens When You Use Risk Management?
| Scenario | What Happens |
|---|---|
| You save a new risk. | Profit.co assigns it a unique risk ID and adds it to the portfolio Risks tab and the sortable register. |
| You set the risk's Impact and Probability. | Profit.co plots it on the 5 by 5 Matrix View and colour-codes it from green to red by severity. |
| You choose a response strategy. | Profit.co labels the risk as Accept, Mitigate, Transfer, or Avoid across every view. |
| You link tasks in the Associate Tasks section. | Profit.co shows each task's assignee, priority, and due date on the risk and updates progress as tasks complete. |
| You change the risk status. | Profit.co updates it to New, Active, Mitigated, or Closed in the register while keeping its Created On timestamp. |
What Are the Best Practices for Risk Management?
- Score every risk on both Impact and Probability so it plots correctly on the Matrix View and the high-impact, high-probability threats stand out.
- Assign an owner and a response strategy to each risk, because a risk without an owner or an action is only an observation, not something anyone is accountable for.
- Link mitigating tasks in Associate Tasks so progress on the risk is tracked against real work rather than status notes.
- Move a risk to Mitigated or Closed only when its linked tasks are complete, so the register reflects true residual risk.
- Review the Risks tab in Matrix View regularly, filtered by Portfolio Level, so emerging red-zone risks are caught across all projects rather than one at a time.
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What Are Some Frequently Asked Questions About Risk Management?
Yes. The Associate Tasks section lets you link multiple project tasks to one risk, each with its own assignee and due date.
Yes. Foresight lets you log a risk directly from a check-in form, classified with a Risk type, and route it for approval into the Foresight Library.
Yes. Portfolio Level filtering scopes the Risks tab to specific sub-portfolios or shows the entire hierarchy.
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