Risk Register

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EduardSzigeti
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Risk Register

Postby EduardSzigeti » Fri 21 Oct 2016 9:32 pm

Hello everyone,

I'm trying to complete a risk register and before continuing with it, I would like to know if I'm doing it correctly. So please let me know what you think:

  1. Description, event: scope changes during the project
  2. Effect: Budget raise, time tolerance exceeding, scope creep
  3. Impact: Residual - yes
  4. Probability: Residual - yes
  5. Expected value: Inherent +15%, residual +5%
  6. Proximity: Within project
  7. Risk response categories: accept
  8. Risk response: Request for change and adjust tolerances
  9. Risk status: Active
  10. Risk owner: Project manager
  11. Risk actionee: Authorized person depending on the work asked for

John_Mac
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Re: Risk Register

Postby John_Mac » Sun 23 Oct 2016 3:30 pm

Description, event: scope changes during the project
Effect: Budget raise, time tolerance exceeding, scope creep
Impact: Residual - yes
Probability: Residual - yes
Expected value: Inherent +15%, residual +5%
Proximity: Within project
Risk response categories: accept
Risk response: Request for change and adjust tolerances
Risk status: Active
Risk owner: Project manager
Risk actionee: Authorized person depending on the work asked for


Hi, It sounds like you are creating a template from scratch? I tend to include some kind of open/closed toggle, so you can keep your old risks, but easily filter them from view. Open Date and Close date are also useful if you are ever likely to do any analysis of your risk profile over time. Some people like to have fields for the untreated Impact and Probability, then the 'treated' Impact and Probability (i.e. after mitigation actions have been applied). I tend to include a field for 'action log' too, so I can keep track of any actions relating to the treatment of the risk.

If you want to grab a pre-done template, I have one on my site that you can grab (see link below). There's no registration and I don't ask for your email address :)

http://www.hotpmo.com/blog/free-risk-log-template

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dhaughey
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Re: Risk Register

Postby dhaughey » Mon 24 Oct 2016 3:11 pm

These are the items I include in my risk log:

  • Risk Number
  • Date (Risk identification date)
  • Risk Type (Internal or external)
  • Author (The person reporting the risk)
  • Risk owner (The person taking responsibility for the risk)
  • Description (A description of the risk and its impact on the project)
  • Likelihood (High, medium, low)
  • Severity (High, medium, low)
  • Action Plan (A description what you will do to minimize the impact of the risk)
  • Status (Open or closed)

This gives a rudimentary ranking of risk allowing me to focus on the high likelihood and high/medium severity risks.

stonesfan
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Re: Risk Register

Postby stonesfan » Tue 25 Oct 2016 6:52 pm

Would anyone consider including the 'risk cost' in the register? Or would you rather this handled elsewhere? Maybe in a risk budget document?

I believe risk cost was probability of risk multiplied by the total estimated cost of a particular risk. I could be wrong.

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