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

The Risk Treatment Schedule

A risk treatment and action plan documents the management controls to be adopted and should include the following information:

 

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