Risk register

Risk register
A Risk Register is a Risk Management tool commonly used in Project Management and organisational risk assessments. It acts as a central repository for all risks identified by the project or organisation and, for each risk, includes information such as risk probability, impact, counter-measures, risk owner and so on. It can sometimes be referred to as a Risk Log (for example in PRINCE2).

Example contents
A wide range of suggested contents for a risk register exist and recommendations are made by the Project Management Institute Body of Knowledge (PMBOK) and PRINCE2 among others. In addition many companies provide software tools that act as risk registers. Typically a risk register contains: A description of the risk The impact should this event actually occur The probability of its occurrence Risk Score (the multiplication of Probability and Impact) A summary of the planned response should the event occur

A summary of the mitigation (the actions taken in advance to reduce the probability and/or impact of the event) The risks are often ranked by Risk Score so as to highlight the highest priority risks to all involved.

Example Risk Register in table format

Risk Register for project "birthday party"
Risk Category Guests Risk Name Risk Number Probability (1-3) 2 Impact (1-3) 2 Risk Score 4 Mitigation Contingency Action By Action When within 2hrs

The guests find 1.1. the party boring Drunken brawl 1.2.

Invite crazy friends, provide sufficient liquor

Bring out the karaoke Mack

Guests

Dont invite crazy friends, don't provide too much liquor Have the party indoors

Call 911

Jerry

Now

Nature

Rain

2.1.

Move the party indoors

Milind

10mins

Nature

Earthquake or fire

2.2.

Start the party with instructions on what to do in the event of fire or earthquake Have a buffet

Implement the Everyone appropriate natural disaster response plan

As per plan

Food

Not enough food

3.1.

Order pizza

Magua

30mins

Food

Food is spoiled 3.2.

Store the food in deep freezer

Order pizza

Matthew Susi

30mins

Risk register

Useful terminology
In a "qualitative" risk register descriptive terms are used: for example a risk might have a "High" impact and a "Medium" probability. In a "quantitative" risk register the descriptions are enumerated: for example a risk might have a "$1m" impact and a "50%" probability. Contingent response - the actions to be taken should the risk event actually occur. Contingency - the budget allocated to the contingent response Trigger - an event that itself results in the risk event occurring (for example the risk event might be "flooding" and "heavy rainfall" the trigger)

References Further reading

Tom Kendrick (2003). Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project. AMACOM/American Management Association. ISBN978-0814407615. David Hillson (2007). Practical Project Risk Management: The Atom Methodology. Management Concepts. ISBN978-1567262025. Kim Heldman (2005). Project Manager's Spotlight on Risk Management. Jossey-Bass. ISBN978-0782144116. Robert Buttrick (2009). The Project Workout: 4th edition. Financial Times/ Prentice Hall. ISBN978-0273723899.

Article Sources and Contributors

Article Sources and Contributors

Risk register Source: http://en.wikipedia.org/w/index.php?oldid=482929780 Contributors: 1ForTheMoney, Anarchy103, Ashwynreddy, Bollyjeff, Dali1010, GESICC, Gmantonz, JASpencer, Jay Litman, Jll, Katapult99, Kenmckinley, Kukini, Kuru, Kwhitten, Mike Rosoft, Nino Gonzales, Ohnoitsjamie, PDH, Pm master, ProductBox, Pstansbu, R'n'B, Ravindraprasad, Rich Farmbrough, Riskgenius, Sgg4816, Smundra, SplintUK, Technobadger, Versageek, Whitelilacs, Woodshed, 34 anonymous edits

License
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