A risk register is a tool used to identify, assess, and prioritize risks in an organization. It typically includes a detailed description of each identified risk, an assessment of its likelihood and potential impact, and a plan for managing or mitigating the risk1. A risk register is usually created at the beginning of a project or a process, and is updated regularly throughout the risk management life cycle2.
The main reason for creating and maintaining a risk register is to account for identified key risk factors. This means that the risk register helps to:
* Document and track all the relevant risks that may affect the project or the organization, and their sources, causes, and consequences
* Provide a comprehensive and consistent view of the risk profile and exposure of the project or the organization
* Support the decision-making and prioritization of the risk responses and controls, based on the risk appetite and tolerance of the project or the organization
* Communicate and report the risk information and status to the stakeholders and regulators, and ensure transparency and accountability
* Enable the continuous improvement and learning from the risk management process and outcomes3 References = What is a risk register and why is it important?, Purpose of a risk register: Here's what a risk register is used for, Risk Register: A Project Manager's Guide with Examples [2024], Risk Register - Wikipedia