written 23 months ago by |
A risk register is a document that is used as a risk management tool to identify potential setbacks within a project. This process aims to collectively identify, analyze, and solve risks before they become problems.A risk register document, is also known as a risk register log, tracks potential risks specifically within a project. It also includes information about the priority of the risk and the likelihood of it happening.
A project risk register should not only identify and analyze risks, but also provide tangible mitigation measures. Risk register is mainly created by project manager. A risk register is essentially a table of project risks that allows you to track each identified risk and any vital information about it.
Standard columns included in a project risk register are as follows:
- Identification number (to refer to or identify each risk)
- Name or brief description of the risk
- Risk categories (to determine whether it’s internal or external, material-related or labor-related, etc.)
- Probability (how likely the risk is to occur)
- Impact. (if the risk takes place, how seriously will it impact the project)
- Rating.
- Approach.
- Action. (if you plan to mitigate or avoid the risk, what are the steps involved, and when will they occur)
- Person responsible for overseeing or mitigating the risk.