Risk Register Compilation
A risk register is a vital part of the process of recording how project risks will be managed.
It is a process that should act as a central repository for all risks identified for the project or business and includes information such as the probability of the risk, impact the risk may have on the project, counter-measures that will be taken and avoidance of risks in the first place.
Before the project commences the perceived possible risks should be identified and recorded in the register. Each risk should include:
• A description of the risk, its causes and impact
• The existing control in place for the risk
• An assessment of the consequences of the risk
• The likelihood of the risk happening with the existing controls
• A risk rating, typically low, medium, high or very high
• The overall priority of the risk
• The stakeholders affected by the risk
• A risk score for each one
• The planned response should the risk occur
Our Approach to Risk Register Management
We work with your project team to identify the project risks and filter them to allow you to concentrate on those with the greatest potential impact. This service can be provided in the form of a facilitated workshop of up to one day, depending on the scale of your project.
We work through the risk action list shown above in a methodical way to ensure that all risks are thought through and compiled. We ask stakeholders to assist this process by providing historical information prior to the workshop; previous risks on similar projects or lessons learned in relation to risks.
Action-Fraction will compile your risk register in a simple and easy to view format following the workshop.