Why would you develop a Risk Register?
A Risk Register is developed to:
- provide a useful tool for managing and reducing the risks identified before and during the project;
- document risk mitigation strategies being pursued in response to the identified risks and their grading in terms of likelihood and seriousness;
- provide the Project Sponsor, Steering Committee/senior management with a documented framework from which risk status can be reported;
- ensure the communication of risk management issues to key stakeholders;
- provide a mechanism for seeking and acting on feedback to encourage the involvement of the key stakeholders; and
- identify the mitigation actions required for implementation of the risk management plan and associated costings.