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RR

Risk Register

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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Hierarchy

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Process(es)

IDNameLevelx
G3Manage Supply Chain Risk2G3
G302Identify Risks3G302
G303Analyze Risks3G303
G304Evaluate Risks3G304
G305Treat Risks3G305

Term(s)

IDNameClearx
KRIKey Risk IndicatorKRI
SCRMSupply Chain Risk ManagementSCRM
Risk Register {{{level}}}
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Risk, Management, Document, Register, Log, Mitigation, SCRM A master document or database used as a central repository for information regarding risks, qualitative analysis and mitigation of risks