A Risk Register is a Risk Management tool used by the Program Manager (PM) and program personnel that provides a means of recording the identified risks, the Risk Analysis of their severity, and the necessary management actions to be taken. It can be a simple document, spreadsheet, or computer database system and acts as a central repository for all risks identified by the project.
A Risk Register should include at a minimum:
- Risk ID
- Priority (Risk Score)
- Description
- Responsibility
- Probability
- Consequence (Impact)
- Timescale
- Cost
- Point of Contact
- Residual Risk
- Early Warning Signs
Electronic Database
An electronic risk database is useful in allowing you to sort and report on multiple risks. It’s a good tool for capturing analysis and decisions that were made during the course of a program. This information is highly useful as lessons learned. It also gives the Risk Integrated Product Team a sort of checklist of the data that has to be obtained to manage and mitigate a risk. An electronic risk database is an invaluable tool for any Program Manager (PM) to execute a program successfully.
AcqLinks and References:
- DoD Risk Management Guidebook – Aug 06
- Defense Acquisition Guidebook (DAG) – Chapter 2 & 4
- Risk Assessment Checklist
- Risk Assessment Worksheet and Management Plan
- Continuous Risk Management Guidebook by Carnegie Melon
- Template: Risk Management Plan
- Template: Project Rick Management Template
Updated: 8/7/2021
