Risk Register analysis

Developed by Dorothea Georgiadou

In an age where the economic, social, and political environment is constantly changing, there is an urgent need to study the risks that may threaten the success of a project. It is particularly important to study the risks that may adversely affect the project and lead to events that might have as a cause exceeding the agreed budget and time. For this reason, the risk management planning should identify and describe in detail the potential risks by providing the needed information for the actions that should be done for eliminating their negative impact. The high uncertainty that exists in projects necessitates the use of a management tool that will control the risks. In this article the risk management framework ‘’Risk register’’ is explained. Risk register is a tool that covers and studies many aspects of risk management processes. More specifically, the aim of this article is to explain how this tool can be used for the identification, the assess and the treat of the potential risks. Moreover, it is outlined the importance of the risk register in the risk analysis process as it is taken into consideration not only the qualitative aspects of a project but also prioritize the risks based on their impact and probability to happen during the implementation phase of a project. This constitutes one of the positive features of this framework as through the analysis of this article it can be concluded that risk register helps project managers to have a better understanding and ways of managing the potential risks. Lastly, while the article analyses the limitations of this risk management tool in the projects it also outlines some recommendations with the main goal to improve its usage.