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A {{this}} or Risk Log is term describing a master document or database used as a central repository for information regarding risks, qualitative analysis and mitigation of [[Link::t:Risk|risks]].
A {{this}} provides an organization's risk management stakeholders the current status of each [[t:Risk]], at any point in time.

Typical data elements of a {{this}} include:
* Dates: This includes dates for milestones like: Discovery date, Mitigation Target date, Mitigation Completion date.
* Risk ID: A unique identifier for the risk.
* Risk Description: A brief description of the risk, its causes and its impact.
* Probability: The likelihood the risk event may occur. This may be done based on scaling (e.g. 1-5, with 5 most severe) or based on statistics (e.g. 1 out of every 10,000 transactions)
* Impact: The consequence of the risk event occurring. This may be done based on scaling (e.g. 1-5, with 5 being most severe) or based on quantification (e.g. revenue drop by 75%).
* [[Link::t:KRI]] (KRI): Overall quantification of the risk; determined by multiplying Probability by Impact.
* Risk ranking: A priority list which is determined by the relative ranking of the risks by their overall risk score.
* Risk Avoidance Strategy: A description of the actions (to be) taken to reduce the probability of an occurrence of the risk event.
* Risk Mitigation Strategy: A description of the actions (to be) taken to reduce the impact of an occurrence of the risk event.
* Risk Alerts: A description of the indicators or signals which alert that a risk is about to occur (or has already occurred).
* Risk Owner: The role or individual responsible for establishing and observing alerts, managing risk response, and periodically assess the risk and its mitigation.
[[Category:Term]][[Category:Workflow]][[Category:Practice]][[Category:Supply Chain]]
<ins>
[[Link::t:SCRM]]
</ins>
{{object
|name=Risk Register
|description=A master document or database used as a central repository for information regarding risks, qualitative analysis and mitigation of risks
|keywords=Risk, Management, Document, Register, Log, Mitigation, SCRM
}}

ORwiki at 21:11, 23 June 2017

2017-06-23T21:11:26Z

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t:Risk Register - Revision history

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ORwiki at 21:11, 23 June 2017