PRINCE2: Risk Register

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A Risk Register is a Risk Management tool commonly used in risk management and compliance . It acts as a central repository for all risks identified by the organisation and, for each risk, includes information such as source, nature, treatment option, existing counter-measures, recommended counter-measures and so on. It can sometimes be referred to as a Risk Log (for example in PRINCE2).

Risk Register

A wide range of suggested contents for a risk register exist and recommendations are made by the Project Management Institute Body of Knowledge (PMBOK) and PRINCE2 among others. Typically a risk register contains:

  • A description of the risk
  • The impact should this event actually occur
  • The probability of its occurrence
  • Risk Score (the multiplication of Probability and Impact)
  • A summary of the planned response should the event occur
  • A summary of the mitigation (the actions taken in advance to reduce the probability and/or impact of the event)
  • The risks are often ranked by Risk Score so as to highlight the highest priority risks to all involved.