What is a 'risk register' and what information does it typically contain?

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Multiple Choice

What is a 'risk register' and what information does it typically contain?

A risk register is a dynamic record used to manage risk. It captures identified hazards, assigns a risk rating (often based on likelihood and impact), documents mitigations or controls, designates an owner responsible for action, and shows the current status of each risk (open, in progress, closed). This makes the risk picture up to date, helping you prioritize actions, allocate resources, and track progress over time. Because it’s a living document, it’s regularly reviewed and updated as new risks arise or as mitigations change the level of risk. This differs from a static archive of past incidents, which is just historical reference. It’s not a budget planning tool, which focuses on financial resources, nor a calendar of meetings, which schedules events rather than tracks risk and accountability.

A risk register is a dynamic record used to manage risk. It captures identified hazards, assigns a risk rating (often based on likelihood and impact), documents mitigations or controls, designates an owner responsible for action, and shows the current status of each risk (open, in progress, closed). This makes the risk picture up to date, helping you prioritize actions, allocate resources, and track progress over time. Because it’s a living document, it’s regularly reviewed and updated as new risks arise or as mitigations change the level of risk.

This differs from a static archive of past incidents, which is just historical reference. It’s not a budget planning tool, which focuses on financial resources, nor a calendar of meetings, which schedules events rather than tracks risk and accountability.

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