A Risk Register is a tool for documenting risks, and actions to manage each risk. It aims to fulfill regulatory compliance acting as a repository for all risks identified and includes additional information about each risk, e.g. nature of the risk, reference and owner, mitigation measures. The Risk Register is essential to the successful management of risk. As risks are identified they are logged on the register and actions are taken to respond to the risk.
A Risk Register can contain many different items. A typical risk register contains:
* A risk category to group similar risks. * The risk breakdown structure identification number. * A brief description or name of the risk to make the risk easy to discuss. * The impact (or consequence) if event actually occurs rated on an integer scale. * The probability or likelihood of its occurrence rated on an integer scale. * The Risk Score (or Risk Rating) is the multiplication of Probability and Impact and is often used to rank the risks. * Common mitigation steps.
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