Question

Describe the creation and use of a risk register along with an example. How is the risk register created and used in the project life cycle? Please provide a source for your answer.

Answer 1

A risk register is an itemized listing of the risks that could derail the project. For example, a supplier delivering their product late.

The Project Management Body of Knowledge defines a risk register as a document in which the results of risk analysis and risk response planning are recorded. It is created within the context of the overall project management plan and/or risk management plan (if applicable).

How to Create a Risk Register:

There are three steps to creating a strong risk register:

1. Risk Identification
2. Risk Analysis
3. Risk Response Plans.

using a risk register:

Guide to Using a Risk Register. A risk register is a tool in risk management and project management. It is used to identify potential risks in a project or an organization, sometimes to fulfill regulatory compliance but mostly to stay on top of potential issues that can derail intended outcomes.

creation of risk register:

If you're unsure how to create a Risk Register and the following the following is a brief guide on how to get started in just a few steps:

1. Create the Risk Register - this step will be undertaken when the project plan is approved and the Risk Section of the project plan should serve as the basis for the document.
2. Record active risks - keep track of active risks by recording them in the Risk Register along with the date identified, date updated, target date and closure date. Other useful information to include is the risk identification number, a description of the risk, type and severity of risk, its impact, possible response action and the current status of risk.
3. Assign a unique number to each risk element - this will help to indentify each unique risk, so that you know if that risk eventuates during the project and what the status of the risk is at any given time. Keeping this number consistent throughout the project will make it easy to see how this risk links in to the Project Status Report, Risk Identification and Risk Impact Form.

Purpose of a Risk Register:

The purpose of a risk register is to record the details of all risks that have been identified along with their analysis and plans for how those risks will be treated.

Basically, it’s a log that identifies risks along with their severity and the actions and steps to be taken to mitigate the risk.
The risk register database can be viewed by project managers as a management tool for monitoring the risk management processes within the project. It is the responsibility of the project manager to ensure that the risk register is updated whenever necessary. The task of updating the risk register is usually delegated to the project control function.

Risk Register in project life cycle:

A Risk Register is a living document that is updated regularly throughout the life cycle of the project. It becomes a part of project documents and is included in the historical records that are used for future projects. The risk register includes:

• List of Risks

• List of Potential Responses

• Root Causes of Risks

• Updated Risk Categories