Risk Register Templates

Every project comes with an element of risk. Identifying and understanding what those risks are, and knowing how to minimize their likelihood of occurring, is vital to the safe and successful delivery of your project. If you understand what potential issues pose a threat to your project, you’re in a better position to manage and mitigate them. A risk register may also be a regulatory compliance or contractual requirement for certain projects.

A risk register will be unique to each project, but typically contains several core elements. First, the name and a description of the risk identified. It will identify the likelihood of the risk occurring, usually on a scale from high - medium - low. It should also outline the impact if the risk occurs, and the severity on the project. Most importantly, there should be an assigned owner for managing each identified risk and an overview of any mitigating actions that can be taken to reduce the likelihood of the risk occurring. Finally, any contingent or response actions that will be done if the risk does occur, to ensure you can get your project back on track. Whether you produce your risk register on a spreadsheet or a digital tool, it should serve as the central risk overview and management document throughout the whole project life cycle.

A risk register is typically compiled and managed by the dedicated risk manager or project manager. Owners assigned to individual risks may be any person involved in the project. It is a living document: risks may change or new risks arise at any stage during the project, along with actions taken to mitigate or address those risks. It’s the responsibility of the project manager to ensure the risk register is updated whenever necessary.