Risk Registry

How to Create Risk Registry

Risk registry is an original and master document that can be created during the initial stages of a project. This vital tool can help you keep track of issues and address problems in your Risk Management Plan. It can be shared among the stakeholders of a project. This opens a door for them to view issues and interact with them by assessing and making suggestions of what action should be taken in order to resolve them.
There are no businesses or organizations in the world where their projects are 100 percent risk-free. With risk registry in their hands, they can act and respond better to risks and issues as they surface along the way. Company managers and stakeholders can effectively handle risk in the most appropriate way if the organization has this system implemented. A risk doesn’t necessarily have to be a threat to a project; it is just simply a mere issue that can cause a project to linger on in the long run if not dealt with. If the risk is identified on time, it can help the company obtain its objectives and goals without hindering its performance.
What Risk Registry?
It’s a document that has information about your projects and all the risks associated with it. It has a detailed analysis of risks, their severity and complete evaluations of the solutions that can be applied to resolve them. You can present them in an excel sheet, which is the easiest method, but having a proper risk management system can help you find in-depth solutions to bigger issues involved in a project.
Is it easy to create Risk Registry?
Yes, risk registry is not very hard to create, but as with anything, it depends on how it is created. It should be created in a way that it is easy to understand for stakeholders and project managers. You can use the tips mentioned below to create a simple yet effective risk register in 4 simple steps,
You should know when to create a risk registry document. Right after the approval of a project plan, create risk registry documents as it will serve as the basis of any risks involved in the project.
You should then create few tabs in the document where you can put dates (updated date, target date, and closing date) of the project.
Next, create a tab where you can identify risks and their severity, for example, the risks that are marked as ‘high risk’ should be tackled first. You can also put a tab where you can put what action needs to be taken in order to combat that particular problem.
Your risk registry should also have a tab where you put the effectiveness of any steps taken to eliminate or reduce that risk.

For more information about risk registry call Pro-Concepts at 757-637-0440 or contact here.