Sample Risk Register

24/11/2020 0 By indiafreenotes

A tool commonly used in risk management and project management. A risk register, also called a register log is created on the early stages of a project. It is an important document in your risk management plan; it enables you to identify potential risks in a project or an organization and at the same time, it helps you record and track issues and address problems as they arise. Although it is sometimes created just to fulfill regulatory requirements, it is a necessary tool to keep on top of potential issues that can deter you from your intended outcomes.

A risk register includes all relevant information about every risk that has been identified, from the nature of that risk to the level of risk to who owns it and down to what mitigation measures that have been put in place to respond to it. Generally, a risk register is shared between project stakeholders. It allows all of those involved in the project to be kept aware of issues and as well as providing a means of tracking the response to those issues. It can also be used to flag new project issues and also to give suggestions on what course of action is suitable to solve them.

As you may know, corporate and organizational projects may face risk at a certain point in time, a risk register provides better way and means to respond or address certain issues should they arise. Overall, a risk register is a useful tool that can help in the whole decision-making process and enables managers and project stakeholders to address issues in the most appropriate and effective way. Since a risk register contains all information about identified project risks, analysis of the severity of such risks and evaluations of the possible effective solutions to apply, people involved in the project can have a guarantee that issues can be resolved as quickly as possible.

It is imminent to have some sort of risks arise during the implementation of a project, however, these risks need not be a threat to the success of the project. Risks are simply issues that can arise during a project, if properly determined in advance, solution can also be determined. Therefore, risks can be resolved more efficiently and effectively with the use of the proper tools such as a risk management plan and a risk register.

Risk Id. Risk Description Mitigation Plan (what to do to avoid the risk occurring) Contingency Plan (what to do if the risk occurs) Impact (what the impact will be to the project if the risk occurs) Likelihood of occurrence (e.g., %, or high / medium / low)
1 The server capacity initially defined may be inadequate. Capacity analysis will be done during the design stage, if this shows a problem design issues will be revisted. Purchase and install additional disc space at the customer site. Cost of disc space plus installation effort & travel. High
2 Misunderstood requirements during bid, unambiguous, can’t recover money for this from client. Multiple checkpoints with end users and client project manager, delivery of early drafts. Open discussion with client about issues raised, prepare for change request, may need to absorb some cost impact. More time during requirements phase, and maybe reworking during development.  Could be difficult times during testing with client. Medium
3 System integration more complex than estimated. Early development of integration plan, with formal entry requirements for components entering integration. Expend more development effort, try and minimize this by regular meetings between development and integration teams. Delays to project and higher costs of development. Low
4 Client requires more interfacing to manage than planned Project organization setup with a development manager to focus on the team’s work, leaving project manager time to focus on client. Escalate in client’s organization. Distracted project manager may result in less efficient working of project team resulting in higher cost and some schedule slippage. High