Risk register
The uncertainty surrounding any decision or action that may negatively affect a project’s success can be defined as a risk and knowing how to classify and document these risks is essential to the success of any project. This is because risk uncertainty can be difficult to control and predict; being able to communicate risk likelihood and categorisation to a project team in an efficient way allows the team to evaluate risks together and identify to what extent they can prevent these risks from happening. Documenting risks from an early stage streamlines a team’s goals and their perception of the project, working as a communication tool and a risk management tool simultaneously. The Risk Register can be used as the optimal risk documentation tool.
Risk Register
A risk register is the baseline document of the process of managing risk (reference Winch); it is a means of visualising a project’s risks within a table or template so that risks can be better understood and dealt with. The risk register should be a centralised location for information to be stored and updated with respect to the risks that are effecting the company; it is key that the risk register is used constantly throughout a project process. As can be seen in Graham Winch’s risk process diagram (insert Winch diagram), throughout the lifecycle of how a risk is dealt with, the risk register is the tool that should be constantly updated and referred to.
2. Defining Relevant Risks
3. Layout
3.1 Templates
3.2 Types
4. Utilisation
4.1 Current Utilisation
4.2 Future Utilisation
5. Faults
6. Notes and Citations.
