A risk register is a record used to identify, assess, and track risks to a project. Here are some pointers for keeping a risk register:
- Review the risk register on a regular basis: Schedule regular reviews of the risk register to verify that it is up to date and appropriately reflects the project’s current position.
- Keep the risk register up to current: As the project proceeds and new risks emerge, or as the likelihood or effect of existing risks increases, keep the risk register up to date.
- Determine who owns each risk: Assign ownership of each risk to an individual or team who is responsible for risk management.
- Create risk management plans: Create a risk management strategy for each risk identified in the risk register. This may involve risk-mitigation methods as well as contingency preparations for dealing with the risk if it occurs.
- Monitor and review the effectiveness of risk management plans: Review the effectiveness of risk management plans on a regular basis and make any necessary changes.
- Communicate risk updates to stakeholders: Keep stakeholders up to date on any changes to the risk register, such as new hazards discovered or changes in the likelihood or effect of existing risks.
- Use the risk register to inform decision-making: Use the risk register to methods are useful and guide resource allocation to successfully manage risks.
