What Is A Risk Register & How To Create One

What Is A Risk Register & How To Create One


A risk register is a tool used to identify potential risks in a project or organization, sometimes to fulfill regulatory compliance but mostly to stay on top of potential issues that can derail intended outcomes. It is part of a risk management plan, which must be given serious consideration by project managers during the project planning phase. Risk analysis mechanisms should be in place to collect potential risks and map out a path to mitigate risks and get the project back on track. Risk registers may vary depending on the organization and the project, but most risk register templates share these commonly used elements. Risk identification ID, description, breakdown structure, categories, risk analysis, priority, response, ownership, and risk response plan are all important components of risk management. Risk identification ID is a name or ID number to identify the risk, description is a brief explanation of the risk, breakdown structure is a chart to identify all project risks, categories are risk categories that can impact a project, risk analysis is to determine the probability and impact of a risk, priority is to assign a risk score to each risk, response is to mitigate its effect on the project, and ownership is responsible for deploying the appropriate response and supervising it.