Prompt

We are initiating a new project: [Brief description of the initiative]. We want to conduct a risk assessment for this initiative.

As a risk management expert, identify key risks associated with the project and evaluate them. For each risk, provide:

• Risk Description: What could go wrong? (e.g., “Launch delay due to technical issues” or “Lower-than-expected user adoption”)

• Likelihood: How likely is it to happen (Low, Medium, High or 1-5 scale)?

• Impact: If it happens, how big is the impact (Low, Medium, High or 1-5 scale)? Consider impact on project success and ROI (e.g., financial loss or missed revenue if the risk occurs).

• Risk Level/Priority: Overall risk rating (e.g., High, Medium, Low) or score (Likelihood x Impact) to indicate priority.

• Mitigation Plan: What actions can we take to prevent or minimize this risk? (For example, contingency plans or preventative measures).

Format the output as a Risk Assessment Matrix – this can be a table or clear list. For instance, a table with columns: Risk, Likelihood, Impact, Risk Level, Mitigation. Include at least ~5 major risks for a thorough assessment.

How to Use

1. Provide Project Details: In the prompt, fill in the brief description of your initiative. This could be something like “developing a new mobile app for our service,” or “expanding to a new market in Asia,” etc. The description sets the context so the AI can infer relevant risks (technical challenges, market risks, regulatory risks, etc.).

2. List Any Specific Risks (Optional): You can optionally mention particular concerns you already have (if any). For example, after the description you might add “Some concerns include tight timeline and uncertain market demand.” The AI will then definitely include those in the risk list and add more. If you leave it open, it will guess common risks for that kind of project.

3. Run the Prompt: The AI should produce a structured risk matrix. Often it will list each risk as a row in a table or as separate bullet points. Each risk will have an assessment – e.g., “Risk: Launch delay; Likelihood: Medium; Impact: High; Level: High; Mitigation: add 2 extra developers and set up frequent testing to catch issues early.” The inclusion of ROI in the prompt means the AI might mention financial impact, like “could cost $X or result in Y% less revenue” for high-impact risks, which is useful.

4. Examine the Matrix: Review each identified risk and the suggested likelihood/impact. Do they make sense? The AI uses general knowledge, so adjust any entries that don’t fit your specific situation. For instance, if it lists a risk that you know is not applicable, you can ignore or remove it. Check that the mitigation strategies are practical and sufficient — they might give you good ideas on how to reduce risk (like “conduct market research early to validate demand” for adoption risk).

5. Prioritize Actions: The risk level or priority given helps you see which risks need immediate attention. Focus on High or Critical risks first. You can even ask the AI follow-up questions on those: “What’s a detailed plan to mitigate [Risk X]?” to get more insight.

6. Integrate into Planning: Use this risk matrix in your project plan. Share it with your team so everyone is aware of potential pitfalls and the preventative steps. As the project progresses, update the matrix – some risks will decrease, new ones may emerge. The prompt and matrix give you a snapshot to start with, and you should maintain it as a living document to safeguard your project’s ROI and success.