Risk Register

The Risk Register is a comprehensive document used to identify, assess, and manage potential risks that could impact your organization's objectives. It serves as a central repository for risk-related information and a tool for proactive risk management.

Key components of the Risk Register include:

• Risk Identification: Unique identifiers and clear descriptions of each potential risk.
• Risk Category: Classification of risks (e.g., operational, financial, strategic, compliance).
• Likelihood and Impact: Assessed probability of occurrence and potential consequences.
• Inherent Risk Score: Risk level before any controls or mitigations are applied.
• Existing Controls: Current measures in place to mitigate the risk.
• Residual Risk Score: Remaining risk level after existing controls are considered.
• Risk Owner: Individual or department responsible for managing the risk.
• Mitigation Strategies: Planned actions to further reduce risk exposure.
• Risk Status: Current state of the risk (e.g., active, monitored, closed).
• Review Date: Scheduled reassessment of the risk.

The Risk Register is maintained in a spreadsheet allowing for easy updates and analysis. It's a living document that should be regularly reviewed and updated to reflect the current risk landscape.

This tool enables your organization to:

• Prioritize risks based on their potential impact
• Allocate resources effectively for risk mitigation
• Track the progress of risk management efforts
• Facilitate informed decision-making
• Improve overall organizational resilience

Regular review and discussion of the Risk Register by management ensures that risk management remains an integral part of your organizational strategy and operations