Risk Register and Risk Report
Risk is an uncertain event that, if it occurs has a positive or negative effect on one or more project objectives
Risk Register is a Log file which works as a master database of all the risks ever captured and other related information like Qualitative Analysis, Quantitative Analysis and risk response planned with the owner. Risk
The register helps us keep the focus on the top prioritized items after the analysis of the risk.
The risk register database can be viewed by project managers as a management tool for monitoring the risk management processes within the project. The risk register is used to identify, assess, and manage risks down to acceptable levels through a review and updating process.
It is the responsibility of the project manager to ensure that the risk register is updated whenever necessary.
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Risk Report contains summary information of overall project risk, opportunities exposure and trends. This is for a selected audience. As the name suggests it is a communication tool i.e part of standard project management reporting. and should be designed to communicate a message to the audience largely senior management so that they can undertake adequate risk management and achieve project outcomes according to expectations. it largely deals with overall project risks and summary on individual risks.
Good read 9 Steps to Managing Risk