Difference between revisions of "Risk Register"

Revision as of 03:22, 5 October 2017

A Risk Register 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 risks. A Risk Register provides an organization's risk management stakeholders the current status of each t:Risk, at any point in time.

Typical data elements of a Risk Register 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%).
• Key Risk Indicator (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.

Supply Chain Risk Management

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