what is risk register

A risk register is a document used as a risk management tool to identify potential setbacks within a project or organization. It is a central record of current risks and related information, acting as a repository for all risks identified and includes additional information about each risk, such as the nature of the risk, reference, and owner. A risk register is the first step in project risk management, and its an important part of any risk management framework. It helps project managers list risks, their priority level, mitigation strategies, and the risk owner so everybody on the project team knows how to respond to project risk. A typical risk register contains a risk category to group similar risks, the risk breakdown structure identification number, a brief description or name of the risk to make the risk easy to discuss, the impact (or consequence) if the event actually occurs rated on an integer scale, and the probability of the risk occurring. Although risk registers are commonly used tools not only in projects and programs but also in companies, research has found that they can lead to dysfunctions.