The risk register is known as an essential component of the entire framework of risk management. The database related to risk register can be viewed by the managers of the project as a management tool to monitor the processes related to risk management within the project. The risk register is utilized o detect, assess as well as handle the risks via updating process and review. The main purpose of this risk register is to keep or store all the details regarding overall risks that have been detected along with plan and analysis that how all the identified risks can be eliminated or treated. It is the major responsibility of the project manager to assure that the risk register is updated whenever important. The activity regarding updating the risk register is frequently delegated to the control function of the project.
Contents related to risk register
The contents of risk register involve:
- Risk ID: It is a unique number given to the risk.
- Date raised: It is a date given to the risk when it was detected.
- Risk description: It involves the complete detail regarding the risk and the reason behind the occurrence of risks.
- Likelihood: It can be medium, high or low that how likely is that particular risk will occur.
- Impact: It describes the impact of the risk of
- Mitigation action: It contains the action that can be used for the elimination of that particular risk appropriately.
- Progress on all the actions: A regular update on the progress related to all the mitigation actions.
- Status: Example: Waiting, Open, in Progress and others.
When we create the risk register?
The risk register is defined as an outcome of identifying risk process in the knowledge area of risk management. The identify risk process is called as a planning process which is used to detect all the risks that could influence the project as well as understand the nature of all the detected risks. This specific process is executed before starting the project, risks change over time and new risks cause. Therefore, it can be essential to execute the identified risks process several times throughout the entire project.
Define Risk Management?
Risk management is defined as a process which includes addressing, analyzing, proportional as well as complexity offered in the risk. It has inherent roles, and all the risks are covered by different levels of the company. Risk management process provides several features that are discussed below:
- Risks identification assists in fostering the attention in times of discipline as well as calm during a crisis. It implies different risks in prior that are likely to happen and are also planned to perform without any assumptions that run.
- It focuses on the detected tasks of helping in the influence of projects or business. This particular phase focuses on different ideas that are described among all the stakeholders.
- It helps to treat all the risks and also reduce the impact of all on the business or project.
- It is also very helpful in handling all the risks easily so that no major problem can be caused by this.
Some other benefits related to risk management process involve:
- Awareness regarding the risks
- Successful business strategies
- Saving time and cost
- New opportunities
- Harvesting knowledge
- Protecting resources
- Enhancement of credit ratings
- Regulatory compliances
- Values shareholders
- Probabilities of risks
- Faster competition
- Provides support
- Risk identification
- Identification of all possible threats
- Reduces loss and impact
- Stability regarding earnings
- Handling all previous projects
- Nurturing risks
- Collaborated work
Several disadvantages of risk management process involve:
- Complex calculations
- Unmanaged losses
- Depends on some external entities
- Hardness in deploying
- Potential threats
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