Project Risks RegisterProject Risk RegisterA concise and proven template for capturing and presenting business project risksProject Risk Register –Overview© 2018 EXPERT TOOLKIT | ALL RIGHTS RESERVED | USAGE PERMITTED ASPER USER AGREEMENTPage 2What is itThe Project Risk Register is a proven, concise template for capturing the risks that may be experienced during the delivery of a business initiative. The template allows the project leader and other team members to capture and report on the key risks that have the potential to impact the delivery of a business initiative’s objectives, activities and deliverables.Project Risk RegisterWhen to use itThe Project Risk Register Template is intended to be used during project delivery for capturing risks raised by team members and stakeholders. It also complements the Project Status Report during project communications, governance and reporting. Depending on the complexity of the project, a more sophisticated risk register may be required in addition to this template. In this situation, the Project Risk Register Template is still very effective at communicating the key risks to an executive audience.Why use itIt is essential during any project to effectively and efficiently capturing and report project risks to ensure timely and appropriate mitigation. Oftentimes, project teams do not do this well, or do it in a way that makes it overly complex and cumbersome. The Project Risk Register template is proven at making this process simple, easy to use and effective at helping teams and projects focus on the most material risks that have the potential to impact the delivery of targeted outcomes.Project Risk Register –Method© 2018 EXPERT TOOLKIT | ALL RIGHTS RESERVED | USAGE PERMITTED ASPER USER AGREEMENTPage 3How you use itProject Risk RegisterStep 1. Allocate a unique identifier for each riskStep 2. Describe the risk. Remember a risk is something that might happen, but has not yet happened.Step 3. Identify the owner of the risk. Typically this is the person responsible for mitigating the riskStep 4. If the risk did materialize, how severe would the impact be?Step 5. How likely is the risk to occur?Step 6. What aspect of the project would be impacted if the risk was to eventuate?Step 8. List the strategies / actions that will be employed to mitigate the riskStep 9. Allocate an owner to each strategy / mitigation actionStep 10. Track the status of each mitigation strategy / actionStep 7. Track the status of the risk.Project Risk Register –Template© 2018 EXPERT TOOLKIT | ALL RIGHTS RESERVED | USAGE PERMITTED ASPER USER AGREEMENTPage 4IDRisk DescriptionOwnerSeverityLikelihoodPotential ImpactStatusMitigation StrategiesStrategyOwnerStatus1NameSevereHighMediumLowHighMediumLowResourcesCostQualityOutcomesScheduleOpenClosedNameCompleteIncomplete2345Project Risk Register© 2018 EXPERT TOOLKIT | ALL RIGHTS RESERVED | USAGE PERMITTED ASPER USER AGREEMENTPage 5Project Risk RegisterAn editable version of this template is included in the Business Transformation Toolkit, it is also available for download here for Premium Subscribers.Password to Open: BPRRT1 Disclaimer© 2018 EXPERT TOOLKIT | ALL RIGHTS RESERVED | USAGE PERMITTED ASPER USER AGREEMENT•Descriptions and other related information in this document are provided only to illustrate the methods covered. You are fully responsible for the use of these methods where you see appropriate. Expert Toolkit assumes no responsibility for any losses incurred by you or third parties arising from the use of these methods or information.•Expert Toolkit has used reasonable care in preparing the information included in this document, but Expert Toolkit does not warrant that such information is error free. Expert Toolkit assumes no liability whatsoever for any damages incurred by you resulting from errors in or omissions from the information included herein.•Expert Toolkit does not assume any liability for infringement of patents, copyrights, or other intellectual property rights of third parties by or arising from the use of Expert Toolkit information described in this document. No license, express, implied or otherwise, is granted hereby under any patents, copyrights or other intellectual property rights of Expert Toolkit or others.•This document may not be reproduced or duplicated in any form, in whole or in part, without prior written consent of Expert Toolkit.•The document contains statements that are general in nature and do not constitute recommendations to the reader as to the content’s suitability, applicability or appropriateness. Page 6Project Risk RegisterThe EndWe hope this Expert Toolkit product helps you to make a greater business impact.For feedback, questions or suggestions please get in touch at www.experttoolkit.comNext >