A risk register is a tool used to identify, assess, and prioritize risks in an organization. It typically includes a detailed description of each identified risk, an assessment of its likelihood and potential impact, and a plan for managing or mitigating the risk1. A risk register is usually created at the beginning of a project or a process, and is updated regularly throughout the risk management life cycle2.

The main reason for creating and maintaining a risk register is to account for identified key risk factors. This means that the risk register helps to:

Document and track all the relevant risks that may affect the project or the organization, and their sources, causes, and consequences

Provide a comprehensive and consistent view of the risk profile and exposure of the project or the organization

Support the decision-making and prioritization of the risk responses and controls, based on the risk appetite and tolerance of the project or the organization

Communicate and report the risk information and status to the stakeholders and regulators, and ensure transparency and accountability

Enable the continuous improvement and learning from the risk management process and outcomes3

References = What is a risk register and why is it important?, Purpose of a risk register: Here’s what a risk register is used for, Risk Register: A Project Manager’s Guide with Examples [2024], Risk Register - Wikipedia