Risk Management Software: The Risk Register

The risk register is the central record in risk management. It contains details of all risks identified during the risk management process. The risk register includes all information to answer the following questions:

WHAT are the risks? The risk register has to include all detail on a risk including its description, categorisation and specification.

WHO is responsible? This question is about roles and responsibilities. A risk register will contain information about the risk recorder, the risk owner, and the risk contact. This can be one and the same person or three different people.

WHEN? The risk register includes dates of when the risk was identified or last reviewed.

HOW MUCH? An essential part of the risk register is risk assessment. The risk assessment is about assessing the likelihood of a risk to occur and the consequences in case of a risk occurring. To provide detailed cost information the risk register will put treatment benefits against risk costs and treatment costs. What remains are retained risk costs.

WHEREBY are risks mitigated? What are the treatments? Though treatments are usually not part of the risk register itself, it will have links to treatments for each single risk. Treatments are the mean to mitigate the risk.

The Risk Register - Benefits

A risk register collects all information on risks. This way it is most useful in risk management. The benefits include:

Comprehensive risk record: With a risk register the risk manager has all information at his/her fingertips.
Communication: A risk register facilitates communication of risks and risk details.
Knowledge: A risk register stores all knowledge on risks.
Filter: A risk register allows easy filtering and selecting of specific risks.