What is Risk Register?
A document detailing identified risks, including their description, impact, likelihood, and mitigation strategies
What is the 1st step in Risk Register?
Risk description
Identifying and providing a detailed description of the risk
What is the 2nd step in Risk Register?
Risk Impact
Potential consequences if the risk actually takes place
What is the 3rd step in Risk Register?
Risk Likelihood/Probability
Chance of a particular risk occurring
What is the 4th step in Risk Register?
Risk Outcome
The result to the risk linked to its impact and likelihood
What is the 5th step in Risk Register?
Risk Level/Threshold
Determined by combining the impact and likelihood
What is the 6th step in Risk Register?
Cost
Financial impact on the project including expenses if it occurs or the cost of risk mitigation
What is the Risk Tolerance/Risk Acceptance?
Maximum amount of risk and organization or individual is prepared to take
What are the Key Risk Indicators (KRIs)?
Predictive metrics used by organizations to signal rising risk levels in different parts of the enterprise
Who is the Risk Owner?
The one managing the risk
