 Importance of a Risk Register:

A risk register is a critical tool for documenting, tracking, and managing risks within an organization. It serves as a central repository for all identified risks, detailing their status, impact, likelihood, and the actions taken to mitigate them.

A regularly updated risk register demonstrates an active and ongoing risk management process, reflecting the organization's commitment to identifying and addressing risks promptly.

 Evidence of Robust Risk Management:

The risk register shows the organization's proactive approach to risk management by continuously monitoring and updating risks.

It provides transparency and accountability, allowing stakeholders to see how risks are being managed and mitigated over time.

Regular updates ensure that new risks are identified and existing risks are reassessed, indicating a dynamic and responsive risk management practice.

 Comparing Other Options:

Management-Approved Risk Dashboard:While useful for summarizing risk information, a dashboard does not provide the detailed, ongoing updates and comprehensive tracking found in a risk register.

Current Control Framework:A control framework outlines the controls in place but does not detail specific risks or their management.

Regularly Updated Risk Management Procedures:Procedures are important but do not provide the same level of detailed risk tracking and management as a risk register.

 References:

The CRISC Review Manual emphasizes the importance of a risk register in consolidating and tracking risk data, making it an essential component of robust risk management practices (CRISC Review Manual, Chapter 2: IT Risk Assessment, Section 2.6 Risk Register)​​ .