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.
Above excerpt from the article, full article can be accessed
https://www.simplilearn.com/risk-management-framework-article
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
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2 thoughts to “Risk Register and Risk Report (PMP/CAPM)”
I have found that many organizations benefit from a risk register and the associated project management practices that go about to reduce the likelihood that risks actually happen; and also what to do about it if they do. I have found a couple of ways that one can use risk registers in a more proactive way.
First, have a quantitative trigger for the risk threshold. Do this in advance of the project so that you will know when you have crossed the trip wire, and will start mitigation because the risk has happened and turned into an issue.
Second, have a mitigation plan that you have for each risk. When it is triggered, you can use the the mitigation plan (which was developed at a high level when the project was started) as a baseline that will reduce your reaction time and allow you to address the risk mitigation more rapidly.
You can see more about this at https://www.tcgen.com/blog/how-to-manage-risk-proactively where we discuss the benefits of proactive risk registers.
Great post! Really like your tangible examples, Mudassir.
John Carter
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