Risks can be created from the RISK tab in your project or estimate, or from the RISK application search list by clicking on the "add risk" or + toolbar button.

At a minimum all you have to do to create a new risk is to provide a short description (1), assign your risk to a proposal or project (2), and enter an owner for the risk (bubble #4 in the lower screen-shot, below).

1. Provide a brief description of the risk. There is no limit to the length of this field; however, there are long text boxes below for the detailed description of the risk. Keep the risk title short.
2. Assign your risk to either a project (for operational project risks during the delivery phase) or to the proposal (for proposal risks). If you create the risk from a proposal or from a project, this is done automatically.
3. Optionally select a Work Breakdown Structure (WBS) for the risk. Assigning a WBS makes risk profiling on your project more accurate, defines where the risks are occurring in your program with more granularity, and helps to inform you of when this risk is likely to be triggered.
4. Optionally categorize your risk from the list of values provided here. Some customers have their own categorization rules, so the values may change depending on the customer your project is for.
5. Check these boxes if you want your risk to be visible to clients (for reporting purposes only) or if you believe the impact of the risk is shared between your company and your client.
6. When you create a risk, the system will assume it is a 'risk'. You can also select from the drop down whether its a issue, an opportunity, or in some cases, even a benefit.
7. Enter or select an owner for the risk. The risk owner is responsible for assessing and responding to the risk. People search is triggered automatically after you type in 4 or more letters of any of their names.

Opportunities are the inverse of risks in that they decrease costs rather than increase them. Enhancements are planned for opportunities to increase revenue as opposed to reducing costs (and for risks that reduce revenues).

Issues are risks that have occurred, just as benefits are opportunities that have occurred. Some of these options may not be visible, depending on how your system is configured.

There are many good online sources (for example here) describing best practice for documenting risks. Your company's internal policy should be used as the primary reference. This application provides three places to describe your risk, all optional:

1. Describe the event or nature of the risk itself in the description field. Avoid describing the cause or the consequence of the risk in this box.
2. Outline what may cause the risk to occur in the next box. These are the events which lead up to or make the risk more likely.
3. Describe the consequence should the risk occur, including what happens to downstream activities and what other risks might be triggered as a result.