Project Management — Planning Phase: (8 of 12) — Risk Register

Learn how to log project risks with Risk Register, which is log of all identified risks that shows the probability and impact of the risks to the project, mitigation strategy, and when the risk is estimated to occur.

How to Develop Risk Register

Risk management is critical to the success of any project and must be developed during the planning stages of the project management process.

There is no standard list of components that should be included in the risk register. The Project Management Institute Body of Knowledge (PMBOK) and PRINCE2 among other organizations make recommendations for risk register contents, but they are not set in stone. Some of the most widely used components are as follows:

• Dates: As the register is a living document, it is important to record the date that risks are identified or modified. Optional dates to include are the target and completion dates.
• Description of the Risk: A phrase that describes the risk.
• Risk Type (business, project, stage): Classification of the risk: Business risks relate to delivery of achieved benefit;, project risks relate to the management of the project such as timeframes and resources, and stage risks are risks associated with a specific stage of the plan.
• Likelihood of Occurrence: Provides an assessment on how likely it is that this risk will occur. Examples are: L-Low (, M-Medium (31–70%), H-High (>70%).
• Severity of Effect: Provides an assessment of the impact that the occurrence of this risk would have on the project.
• Countermeasures: Actions to be taken to prevent, reduce, or transfer the risk. This may include production of contingency plans.
• Owner: The individual responsible for ensuring that risks are appropriately engaged with countermeasures undertaken.
• Status: Indicates whether this is a current risk or if risk can no longer arise and impact the project. Example classifications are: C-current or E-ended.
• Other columns such as quantitative value can also be added if appropriate.

Learning More About Initiation Phase in Project Management