One may wonder, how does the project team remember all those risks identified in the Identify Risks process? Enter the Risk Register
Risk Register is a document built into the Risk Management Plan. Now you’ve already created the Risk Management Plan in the Plan Risk Management process so here you are going back and updating the Risk Management Plan by adding the Risk Register in it
The components of the Risk Register are,
- List of identified risks – Basically noting down all the risks you and your team came up with in the Identify Risks process. It is possible to discover new risk categories when listing down all the identified risks, in that case you will have to go back and update your Risk Breakdown Structure (RBS)
- List of potential responses – The responses may not be very detailed at this point in time. You will get a chance to come up with detailed responses later but it is always good to have a general consensus on the direction the project team will take in case a risk materializes
- List of root causes – We have discussed earlier that root causes can help identify more risks. Thus performing a root cause analysis and documenting the results goes a long way. It is a must have for your risk register
Check more articles on Risk Management
