What is a Risk Register? document risk mitigation strategies being pursued in response to the identified risks and their grading in The Risk Register records details of all the terms of likelihood and seriousness; risks identified at the beginning and during the life of the project, their grading in provide the Project Sponsor, Steering terms of likelihood of occurring and Committee/senior management with a seriousness of impact on the project, initial documented framework from which plans for mitigating each high level risk, risk status can be reported; the costs and responsibilities of the ensure the communication of risk prescribed mitigation strategies and management issues to key subsequent results. stakeholders; provide a mechanism for seeking and It usually includes: acting on feedback to encourage the involvement of the key stakeholders; a unique identifier for each risk; and a description of each risk and how it identify the mitigation actions required will affect the project; for implementation of the risk an assessment of the likelihood it will management plan and associated occur and the possible costings. seriousness/impact if it does occur (low, medium, high); When would you develop a Risk a grading of each risk according to a Register? risk assessment table (refer to Table 1); Initial risks must be identified and graded who is responsible for managing the according to likelihood and seriousness risk; very early in the Project. This initial risk assessment will form part of the Project an outline of proposed mitigation Proposal/Brief or Project Business Case actions (preventative and for the project. Once the project is contingency); and approved the Risk Management Plan and in larger projects, costings for each Risk Register should be fully developed. mitigation strategy. In the case of smaller projects the Risk may serve both purposes. Register This Register should be maintained throughout the project and will change regularly as existing risks are re-graded in What you need before you start: the light of the effectiveness of the mitigation strategy, and new risks are Knowledge and understanding of the identified. In smaller projects, the Risk project. Register is often used as the Risk Knowledge and understanding of the Management Plan. Key Stakeholders. Knowledge and understanding of Why would you develop a Risk appropriate types of risk management activities, or where to obtain them. Register? Any of the following documents – Project Proposal/Brief, Project A Risk Register is developed to: Business Case, or Project Business Plan. provide a useful tool for managing and reducing the risks identified The Tasmanian Government Project before and during the project; Management Guidelines.
What is a Risk Register? The Risk Register records details of all the risks identified at the beginning and during the life of the project, their grading in terms of likelihood of occurring and seriousness of impact on the project, initial plans for mitigating each high level risk, the costs and responsibilities of the prescribed mitigation strategies and subsequent results. It usually includes: a unique identifier for each risk; a description of each risk and how it will affect the project; an assessment of the likelihood it will occur and the possible seriousness/impact if it does occur (low, medium, high); a grading of each risk according to a risk assessment table (refer to Table 1); who is responsible for managing the risk; an outline of proposed mitigation actions (preventative and contingency); and in larger projects, costings for each mitigation strategy. This Register should be maintained throughout the project and will change regularly as existing risks are re-graded in the light of the effectiveness of the mitigation strategy, and new risks are identified. In smaller projects, the Risk Register is often used as the Risk Management Plan. Why would you develop a Risk Register? A Risk Register is developed to: provide a useful tool for managing and reducing the risks identified before and during the project; document risk mitigation strategies being pursued in response to the identified risks and their grading in terms of likelihood and seriousness; provide the Project Sponsor, Steering Committee/senior management with a documented framework from which risk status can be reported; ensure the communication of risk management issues to key stakeholders; provide a mechanism for seeking and acting on feedback to encourage the involvement of the key stakeholders; and identify the mitigation actions required for implementation of the risk management plan and associated costings. When would you develop a Risk Register? Initial risks must be identified and graded according to likelihood and seriousness very early in the Project. This initial risk assessment will form part of the Project Proposal/Brief or Project Business Case for the project. Once the project is approved the Risk Management Plan and Risk Register should be fully developed. In the case of smaller projects the Risk Register may serve both purposes. What you need before you start: Knowledge and understanding of the project. Knowledge and understanding of the Key Stakeholders. Knowledge and understanding of appropriate types of risk management activities, or where to obtain them. Any of the following documents – Project Proposal/Brief, Project Business Case, or Project Business Plan. The Tasmanian Government Project Management Guidelines.
Project_risk_register_template_and_guide.docx