A Risk Log/Register is a Risk Management tool commonly used in risk management and compliance .
It acts as a central repository(Our Risk Log Template will cover all bases ) for all risks identified by the organization and, for each risk, includes information such as source, nature, treatment option, existing counter-measures, recommended counter-measures and so on.
It can sometimes be referred to as a Risk Log (for example in PRINCE2).
A wide range of suggested contents for a risk log template exist and recommendations are made by the Project Management Institute Body of Knowledge (PMBOK) and PRINCE2 among others. In addition many companies provide software tools that act as risk registers. Typically a risk register contains:
- A description of the risk
- The impact should this event actually occur
- The probability of its occurrence
- Risk Score (the multiplication of Probability and Impact)
- A summary of the planned response should the event occur
- A summary of the mitigation (the actions taken in advance to reduce the probability and/or impact of the event)
The risks are often ranked by Risk Score so as to highlight the highest priority risks to all involved.
Why use templates:
Project Managers often have various templates on their PC or laptop. When they start a new project, they sift through them trying to find something relevant, consuming valuable time and energy – only to have to start again from scratch when nothing suitable turns up.
That’s where this Project Management Template bundle is invaluable. For every project you’re involved with, you can simply open a template from the kit and start filling it in.
It saves you time and effort, and because each template has been professionally laid out, you can generate higher quality documentation as a result. Buy and download the Project Management Bundle today.
The Risk Log template contains the following:
- Unique Id
- RAG Status
- Risk management approach
- Early warning signs
- Is professionally laid out
- Has the charts and tables you need
- Comes with step-by-step instructions
- Contains practical examples
- Includes tips & hints
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