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Risk register 1

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

Risk Name Risk

Number

Probability

(1-3)

Impact

(1-3)

Risk

Score

Mitigation Contingency Action

By

Action

When

Guests The guests find

the party

boring

1.1. 2 2 4 Invite crazy friends,

provide sufficient liquor

Bring out the karaoke Mack within

2hrs

Guests Drunken brawl 1.2. 1 3 3 Dont invite crazy

friends, don't provide

too much liquor

Call 911 Jerry Now

Nature Rain 2.1. 2 2 4 Have the party indoors Move the party

indoors

Milind 10mins

Nature Earthquake or

fire

2.2. 1 3 3 Start the party with

instructions on what to

do in the event of fire orearthquake

Implement the

appropriate natural

disaster response plan

Everyone As per

plan

Food Not enough

food

3.1. 1 2 2 Have a buffet Order pizza Magua 30mins

Food Food is spoiled 3.2. 1 3 3 Store the food in deep

freezer

Order pizza Matthew

Susi

30mins

http://en.wikipedia.org/w/index.php?title=Karaokehttp://en.wikipedia.org/w/index.php?title=Probabilityhttp://en.wikipedia.org/w/index.php?title=PMBOKhttp://en.wikipedia.org/w/index.php?title=Project_Management_Institutehttp://en.wikipedia.org/w/index.php?title=Project_Management_Institutehttp://en.wikipedia.org/w/index.php?title=PRINCE2http://en.wikipedia.org/w/index.php?title=Project_Managementhttp://en.wikipedia.org/w/index.php?title=Risk_Management

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Risk register 2

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. ISBN 978-0814407615.

David Hillson (2007).Practical Project Risk Management: The Atom Methodology. Management Concepts.

ISBN 978-1567262025.

Kim Heldman (2005).Project Manager's Spotlight on Risk Management. Jossey-Bass. ISBN 978-0782144116.

Robert Buttrick (2009). The Project Workout: 4th edition. Financial Times/ Prentice Hall.

ISBN 978-0273723899.

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Article Sources and Contributors 3

Article Sources and ContributorsRisk 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, Ra vindraprasad, Rich

Farmbrough, Riskgenius, Sgg4816, Smundra, SplintUK, Technobadger, Versageek, Whitelilacs, Woodshed, 34 anonymous edits

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