Documenting Risks
The Risk Register
(May
also be known as a Risk Log)
Purpose of the Risk Register
- A
risk register is a document maintained in order to monitor potential
risks.
- A
risk register tracks the actions taken to minimise risks.
- A
risk register provides contingency plans that should be invoked
if a risk does occur.
- A
risk register provides details of costs involved in mitigation
of the risk
- A
risk register is a record that may be used for audit purposes
to demonstrate that risk management has taken place.
The
register should be kept up to date and reviewed regularly. New
risks should be added as they are discovered. The probability
or severity rating of each may be adjusted as the project progresses.
Furthermore
a risk register may provide details of:
- The
probability that a risk will occur
- Severity
of the risk, that is the impact that it would have if it occurs.
- Time
in which mitigating action must be taken in the event of its
occurrence
- Unmanageability
of the risk
- Criticality
of the risk to the mission of the organisation
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The Risk Treatment Schedule
A
risk treatment and action plan documents the management controls
to be adopted and should include the following information:
- Who
has responsibility for the implementation of the plan;
- What
resources are to be utilised; budget allocation;
- Timetable
for implementation; .
- Details
of the mechanism and frequency of review and compliance with
the action plan
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