A risk is an unwanted future event.
The Risk Register is basically a document maintained by risk manager or project manager.
The complete analysis of the risks and actions to be taken when the risks
occur is documented in it.
➤It helps reduce the likelihood of the risk occurence.
➤It will help increase the visibility of various type of risks.
➤It will help what need to be done when risk occurs.
➤It will reduce or mitigate the impact of the risk when it occurs.
The main output of the risk identification process is a list of identified risks
and other information needed to begin creating a risk register.
A risk register is basically a document that contains the results of various risk management processes and that is often displayed in a table or spreadsheet format. A tool for documenting potential risk events and related information.
The figure depicts risk register contents. They have been mentioned below.
➤Risk Category: For example, market risk, financial risk, technology risk, people or resource risk, structure or process risk are the categories.
➤Risk Name and Number for easy identification through out the project documents.
➤probability and impact of the risks in the scale of 1-3. This helps take up high severity risks first.
➤Risk score will help give weightage to the risks based on impact, probability or severity
➤Counter measures -Actions to be taken (mitigation and contingency)
➤Owner - responsible person or individual
➤Action to be taken upto what time