Risk Register Definition | How to use a Risk Register with sample Template

A Risk Register is a tool for documenting risks, and actions to manage each risk. The Risk Register is essential to the successful management of risk. As risks are identified they are logged on the register and actions are taken to respond to the risk. stakeholdermap.com
Risk is evident in everything we do. When it comes to project management, understanding risk and knowing how to minimize its impacts (or take full advantage of its opportunities) on your project are essential for success. (Heldman, 2013. chap 6).

The Risk Register is essential to the management of risk. As risks are identified they should be logged on the register and actions should be taken to respond to the risk.

Most frequently Risk Managers attempt to reduce the likelihood of the risk occuring or the impact if the risk does occur. The responses are documented on the Risk Register and the register should regularly reviewed to monitor progress. Ideally the Risk Register should be reviewed in every project team meeting. It should certainly be review at the end of each phase of the project lifecycle.

Management of risk should be a constant ongoing process with the project team raising risks with the Risk Manager or Project Manager who then logs the risk and identifies actions that can be taken to mitigate the risk. To properly respond to a risk the Risk Manager may need to bring in experts to understand the actions that can be taken to reduce the likelihood of the risk occuring or the impact if the risk does occur. Read more on the possible responses to risk.

Risk Register download in Excel .xls and Word

Download a Risk Register now: Get a Prince2 Risk Register in Excel and Mind map format.
example risk on a risk register

The Risk Register contents

  • Risk ID - a unique identifier for the risk
  • Date raised - the date the risk was identified
  • Risk description - best written as 'There is a risk that xxxxx, because of xxxx if this occurs it will xxxx'
  • Likelihood - How likely is that the risk will occur. Can be 1- 5 or High / Medium / Low
  • Impact - What will the impact be if the risk occurs.
  • Severity - Likelihood x Impact
  • Owner - The person who will be responsible for managing the risk.
  • Mitigating action - Actions that can be taken to reduce the likelihood of the risk occuring. May also be acceptance of the risk or transferance of the risk e.g. insurance. Risk Mitigation techniques.
  • Contingent action - What will be done if this risk does occur. Usually actions to reduce the impact on the project
  • Progress on actions - A regular update on progress of the mitigating actions
  • Status - For example Open, Waiting, Closed, in Progress etc.

Risk Register References


Further reading on Risk Management


 
 
Microsoft Project Templates


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