What is a risk register?

A risk register is a document specifically designed to capture identified risks, their characteristics, and the planned responses to address them. It serves as a central repository for all information related to project risks, including the likelihood of occurrence, potential impact, risk owner, and the mitigation strategies that are to be implemented. By maintaining a risk register, project managers can proactively monitor and manage risks throughout the project lifecycle, ensuring that risks are addressed promptly and effectively.

This tool is crucial in project management as it helps teams to anticipate potential problems, allocate resources appropriately, and make informed decisions based on the risk landscape. Having a well-maintained risk register can ultimately lead to increased awareness, better preparedness, and a higher likelihood of project success.