Risk Register Template

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Purpose

A Risk Register provides a record of identified risks relating to the project, including their status and history. It is used to capture and maintain information on all of the identified threats and opportunities relating to the project.


Advice Derivation:

  • The composition, format and presentation of the Risk Register will be derived from the Risk Management Strategy
  • Entries are made on the Risk Register once a new risk has been identified
  • There may be one or more risks inherent in the project mandate
  • New risks may be discovered when creating the Project Brief, designing and appointing the project management team, establishing the project’s controls and developing its plans, when issuing Work Packages, when reviewing Work Package status, or when reviewing stage status
  • Daily Log/Issue Register * often issues raised to the Project Manager and captured in the Daily Log or Issue Register are actually risks and only identified as such after further examination.

Format and Presentation: A Risk Register can take a number of formats, including:

  • Document, spreadsheet or database
  • Stand*alone register or a carry forward in progress review minutes
  • Entry in a project management tool
  • Part of an integrated project register for all risks, actions, decisions, assumptions, issues, lessons etc.

Quality Criteria:

  • The status indicates whether action has been taken
  • Risks are uniquely identified, including information about which product they refer to
  • Access to the Risk Register is controlled and it is kept in a safe place.



Risk register

Risk ID[1] Author[2] Date registered[3] Risk category[4] Description[5] Impact[6] Probability[7] Expected value[8] Proximity[9] Risk Response Categories[10] Risk Response[11] Risk Status[12] Risk Owner[13] Risk Actionee[14]
Cause Event Effect Inherent[15] Residual[16] Inherent[17] Residual[18] Inherent Residual
1                                  
2                                  
3                                  
4                                  
5                                  
6                                  
7                                  
8                                  
9                                  
10                                  
  1. Provides a unique reference for every risk entered into the Risk Register.
  2. The person who raised the risk
  3. when the risk was identified.
  4. The type of risk in terms of the project's chosen categories (e.g. Schedule, quality, legal etc.)
  5. Describes the risk in terms of the cause, event (threat or opportunity) and effect (in words of the impact).
  6. The result of a particular threat or opportunity actually occuring, or the anticipation of such a result.
  7. The evaluated liklihood of a particular threat or opportunity actually happening, including a consideration of the frequency with which this may arise.
  8. Cost of impact x Probability
  9. This would typically state how close to the present time the risk event is anticipated to happen (e.g. Imminent, within stage, within project, beyond project). Proximity should be recorded in accordance with the project's chosen scales
  10. Risk Response Categories: How the project will treat the risk in terms of the project's chosen categories, for example - For Threats: avoid, reduce, fallback, transfer, accept, share; - For opportunities: enhance, exploit, reject, share
  11. Actions to resolve the risk, and these actions should be aligned to the chosen response categories. Note that more than one risk response may apply to a risk
  12. Typically described in terms of whether the risk is active or closed
  13. The person responsible for managing the risk (there can be only one risk owner per risk)
  14. The person(s) who will implement the action(s) described in the risk response. This may or may not be the same person as the risk owner
  15. This is the pre-response value. Recorded in accordance with the project's chosen scales.
  16. This is the post-response value. Recorded in accordance with the project's chosen scales
  17. This is the pre-response value. Recorded in accordance with the project's chosen scales
  18. This is the pre-response value. Recorded in accordance with the project's chosen scales