Creating a Risk Register

A Project Specific Risk Register is a master document which is created during the early stages of a project. It is a tool that plays an important part alongside your Safety Management Plan, helping you to track issues and address problems as they arise. An overall Risk Register for the business should also be developed identifying all business and safety risks.

The Project Specific Risk Register will generally be shared between project stakeholders, allowing those involved in the project to be kept aware of issues and providing a means of tracking the response to issues. It can be used to flag new project risks and to make suggestions on what course of action to take to resolve any issues.

All corporate and organizational projects face risk at one time or another. Having a Risk Register in place simply provides a better means of responding to problems as they arise. The Risk Register is there to help with the decisions making process and enables managers and project stakeholders to handle risk in the most appropriate way. A risk needn’t be a threat to your project, it is simply an issue that can arise during the project; if effectively managed, it shouldn’t prevent your project from attaining its goals and objectives. The Risk Register is a document that contains information about identified project risks, analysis of risk severity and evaluations of the possible solutions to be applied. Presenting this in a spreadsheet if often the easiest way to manage things, so that key information can be found and applied quickly and easily.

To gain further advice on how to develop a Risk Register or to have your current Risk Register reviewed contact AsssA on 9364 6498 or email admin@asssa.com.au