Functions of Risk Register are as follows:

• To Perform Qualitative Risk Analysis: In the Qualitative Analysis process, details are added to the existing list of risks in the risk register including the priority of risks, the urgency of the risks, the categorisation of risks, and any trends that were noticed while performing this process. Risks that have been managed, avoided, or are no longer relevant can be removed from the risk register.

• To Perform Quantitative Risk Analysis: In Quantitative Risk Analysis process, the risk register is updated with the probabilities associated with each identified risk and the probability of meeting the cost and time projections.

• To Plan Risk Response: In the Plan Risk Response process, a specific response plan is created to manage each risk.While managing risks, remember that not all risks are negative-positive risks are opportunities. Accordingly, a project manager should devise strategies for managing negative risks or threats as well as positive risks or opportunities.

• To Monitor and Control Risk: In the Monitor and Control risks process, plans are re-assessed and re-evaluated. The risk register is updated with information on new risks as an output of this process. This information should be regularly updated in the risk register.