About Risk Register

Use this function for risk management and compliance. It acts as a central repository for all risks identified by the organization and, for each risk, includes information such as Source, Triggers and Impacts.

Risk management is critical to the success of any project and must be developed during the planning stages of the project management process.

The risk register starts with a risk management plan. The project manager must seek input from team members as well as stakeholders and possibly even from end users. The risk register becomes essential as it records identified risks, their severity, and the actions steps to be taken.

Managers should view the risk register as a management tool through a review and updating process that identifies, assesses, and manages risks down to acceptable levels. The register provides a framework in which problems that threaten the delivery of the anticipated benefits are captured. Actions are then instigated to reduce the probability and the potential impact of specific risks. Risk register will be visible to project stakeholders so they can see the risks that are being addressed and give other options for risk mitigation.

Before creating a Risk item, the following items are required and should be in place:

Owner (user) to whom the risk will be assigned (created in Admin > Users).
Predefined Impact Level and Probably levels (created in Admin > Risk Management > Risk Calculator).

The following are components of a risk register.

Name: A generic Name given to a Risk.
Date: As the register is a living document, it is important to record the date when risks are identified or modified.
Description: A phrase that describes the risk.
Project and Change: A Project and Change may be associated with a risk, hence we have them as attributes to associate with a risk.
Risk Type: Risks are classified into different categories based on the potential impacts like Customer, External customer, Management, Organization and Technical risks.
Probability: Provides an extent on how likely this risk will occur. We have following as probabilities: Very Low, Low, Medium, High, Very High, Issue and Blocker.
Impact Level: Provides an assessment of the impact that the occurrence of this risk would have on the project/change. We have the following as impact level: Very Low, Low, Medium, High, and Very High.
Strategies: Actions to be taken to avoid, mitigate, accept, or transfer the risk.
Owner: An individual responsible for ensuring that risks are appropriately engaged with countermeasures undertaken.
Status: Indicates the current state of a risk. The statuses of risks are New, Planning, Action, Pending, Resolved, Deferred and Deleted.
Trigger: Indicates the specific conditions when this Risk or Issue is realized.
Trend: Provides an analysis on whether the risk is going to be Static, Decreasing or Increasing.
Impact: Indicates the impact to the project or program. Usually expressed in terms of cost, schedule and quality.
Source: provides information about from where and how this risk/issue was first raised.
Info: Additional information that helps in describing the risk is documented.

 

Related Topics

Dashboard
Risks