As well as likelihood, we need to look at impact. Assessing the potential impact of risks on project objectives is crucial. It involves evaluating the severity and magnitude of the impact on scope, schedule, cost, and quality. This involves evaluating how each risk, if realized, could affect the project's goals and outcomes.

For example, in the context of relief, where the objective is to deliver timely and effective assistance to those affected by a crisis we can take the example of a flood relief project. Here the identified risk is limited access to damaged infrastructure. The potential impact here could be delays in delivering essential supplies, exacerbating health risks for affected populations. Our assessment then is to evaluate alternative routes or transportation methods, to pre-position supplies - have them in place already - and coordinate with local authorities for assistance.

Humanitarian projects provide sustained support for the well-being and recovery of communities affected by crises. So here we are looking at both immediate and long-term needs. Taking the example of refugee assistance, the identified risk could be insufficient funding for long-term education programs. The potential impact here is limited access to education, which would hinder the long-term integration of refugees into the host community. Our assessment then is to seek additional funding sources, collaborate with educational institutions or prioritize the most essential components of the education program.

Moving on to development projects, where our objective is to achieve sustainable improvements in social, economic, and environmental conditions. Here we are taking the example of a water and sanitation project. Here our identified risk is unforeseen environmental impacts on water sources. The potential impact is contamination of water sources, posing health risks to the community and undermining the project's goal of improving sanitation. The assessment then is to conduct thorough environmental assessments, implement mitigation measures, and engage local communities in monitoring and maintenance.

In each of the three contexts that we have just looked at, teams should actively involve stakeholders to identify risks comprehensively. This includes considering the financial, environmental, social, and operational aspects. They each involve a risk-impact assessment, assessing the severity and the likelihood of each identified risk, prioritizing risks based on their potential impact on project objectives.

In each example, we saw examples of mitigation and contingency planning, developing strategies to mitigate the impact of high-priority risks, which can involve implementing preventive measures, creating contingency plans, or establishing early warning systems.

Identifying and assessing risks also calls for continuous monitoring and adaptation. You need to regularly monitor the project environment for changes and new risks. Adaptation strategies can become necessary as the project progresses.

By systematically assessing the potential impact of identified risks, managers can proactively address the challenges, enhance resilience, and increase the likelihood of achieving the intended objectives of their relief, humanitarian, and development projects.