A risk register is a tool that records and tracks the identified risks, their causes, impacts, probabilities, responses, and owners. It is a living document that should be updated regularly to reflect the changes in therisk environment and the status of the risk responses12. The best way to improve a risk register is to ensure that it is updated based upon significant events, such as:
New risks are identified or existing risks are eliminated
Risk probabilities or impacts change due to internal or external factors
Risk responses are implemented or modified
Risk owners or stakeholders change
Risk incidents or issues occur
Risk thresholds or appetite change
Risk reporting or communication requirements change
Updating the risk register based upon significant events can help to:
Maintain the accuracy and relevance of the risk information
Enhance the risk awareness and accountability of the risk owners and stakeholders
Support the risk monitoring and reporting activities
Facilitate the risk evaluation and decision-making processes
Improve the risk management performance and maturity
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Risk Register - Project Management Knowledge
How to Create a Risk Register: A Step-by-Step Guide - ProjectManager.com
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