Risk Register

Manage Your Risks! Use the project Risk Register for the day to day management of the risks in your project - It just may be the most useful tool in your PM toolbox. The Risk Register contains a listing of all risks identified for a project. Since It includes Risk Scores, Responses, triggers and Risk Owners it is a critical tool for project managers.

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Risk Identification Qualitative Rating Risk Response
Risk Risk Category Probability Impact Risk Score Risk Ranking Risk Response Trigger Risk Owner

Key Terms

Risk: The risk stated in a complete sentence which states the cause of the risk, the risk, and the effect that the risk causes to the project.
Risk Category: Categorization of risks by area of project affected, source of risk or other useful category.
Probability: The likelihood that a risk or opportunity will occur (on a scale from 0 to 10 with 10 being the highest).
Impact: The impact of the risk on the project if the risk occurs (scale from 0 to 10 with 10 being the highest).
Risk Score: Determined by multiplying probability and impact (scale from 0 to 100).
Risk Ranking: A priority list which is determined by the relative ranking of the risks (by their scores) within the project with the number one being the highest risk score.
Risk Response: The action which is to be taken if this risk occurs.
Trigger: Something which indicates that a risk is about to occur or has already occured.
Risk Owner: The person who the project manager assigns to watch for triggers, and manage the risk response if the risk occurs.