Contents of a risk register

The risk register can be updated with the following information. Relative ranking or priority list of project risks—the probability and impact matrix can be used to classify risks according to their individual significance.

Risks may be listed by priority separately for schedule, cost, and performance since organizations may value one objective over another. The project manager can then use the prioritized list of risks to focus attention on those items of high significance to the most important objectives.

Risks grouped by categories—this can point to common underlying causes of risk, which may in turn suggest a holistic approach to dealing with them. Discovering concentrations of risk may also improve the effectiveness of risk responses.

List of risks requiring response in the near-term—includes those risks that require an urgent response and those that can be handled at a later date may be put into different groups.

List of risks for additional analysis and response—some risks might warrant more analysis, including Quantitative Risk Analysis, as well as response action.

Watch lists of low-priority risks—those that are not assessed as important in this process can be placed on a watch list for continued monitoring.

Trends in the analysis results—as this process is iterative, trends for particular types of risk may become apparent. This information can be fed back into the risk management process.

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