The Risk Register is a fundamental management product within PRINCE2 7 that serves as the primary repository for capturing and tracking all identified risks throughout a project's lifecycle. It functions as a living document that provides a comprehensive view of the risk landscape facing a project.…The Risk Register is a fundamental management product within PRINCE2 7 that serves as the primary repository for capturing and tracking all identified risks throughout a project's lifecycle. It functions as a living document that provides a comprehensive view of the risk landscape facing a project.
The Risk Register contains detailed information about each risk, including a unique identifier, risk description, category, probability assessment, impact evaluation, and proximity (when the risk might occur). Each entry also documents the risk owner responsible for managing that particular risk, along with the chosen response strategy and any planned actions.
Within PRINCE2 7, the Risk Register supports the Risk practice by enabling systematic risk management. It helps project teams identify threats that could negatively affect objectives and opportunities that could provide benefits. The register captures both types, ensuring a balanced approach to risk management.
Key elements recorded in a Risk Register typically include the risk cause (what might trigger the risk), the risk event itself, and the potential effect on project objectives such as time, cost, quality, scope, and benefits. The expected value or severity is calculated by combining probability and impact assessments.
The Project Manager maintains the Risk Register throughout the project, updating it as risks evolve, new risks emerge, or existing risks are closed. Regular review ensures the information remains current and relevant for decision-making. The Project Board uses this information to understand overall risk exposure and make informed governance decisions.
The Risk Register also tracks the status of risk responses, whether they are pending, in progress, or completed. This accountability mechanism ensures that identified actions are followed through. By maintaining this structured approach to risk documentation, PRINCE2 7 projects can proactively manage uncertainty and improve the likelihood of successful delivery.
Risk Register - PRINCE2 Foundation v7 Complete Guide
What is a Risk Register?
The Risk Register is a management product used in PRINCE2 to capture and maintain information about all identified risks relating to the project. It serves as the central repository where risks are documented, tracked, and managed throughout the project lifecycle.
Why is the Risk Register Important?
The Risk Register is crucial for several reasons:
• Centralized Information: It provides a single source of truth for all project risks, ensuring nothing is overlooked or forgotten.
• Decision Support: It helps the Project Manager and Project Board make informed decisions about risk responses and resource allocation.
• Communication Tool: It facilitates clear communication about risks between team members, stakeholders, and management levels.
• Audit Trail: It maintains a history of how risks have been identified, assessed, and managed over time.
• Accountability: It assigns ownership of risks to specific individuals, ensuring someone is responsible for monitoring and responding to each risk.
What Does the Risk Register Contain?
A typical Risk Register entry includes:
• Risk Identifier: A unique reference number for each risk
• Risk Author: The person who identified the risk
• Date Registered: When the risk was first recorded
• Risk Category: Classification of the risk type
• Risk Description: Details of the risk including cause, event, and effect
• Risk Response: The chosen strategy and planned actions
• Risk Status: Current state of the risk
• Risk Owner: Person responsible for managing the risk
• Risk Actionee: Person carrying out the response actions
How Does the Risk Register Work in Practice?
The Risk Register is created during the Initiation Stage and is continuously updated throughout the project:
1. Creation: The Project Manager establishes the Risk Register during project initiation.
2. Population: Risks are identified through workshops, reviews, and ongoing project activities.
3. Assessment: Each risk is analyzed for probability, impact, and proximity.
4. Response Planning: Appropriate responses are selected and documented.
5. Monitoring: The register is regularly reviewed and updated during stage boundaries and management stages.
6. Closure: At project end, outstanding risks are transferred to appropriate parties or closed.
Who is Responsible for the Risk Register?
• The Project Manager is responsible for creating and maintaining the Risk Register.
• Risk Owners are responsible for monitoring specific risks assigned to them.
• Risk Actionees carry out the response actions.
• The Project Board reviews key risks at stage boundaries.
Exam Tips: Answering Questions on Risk Register
Key Points to Remember:
1. Ownership: The Project Manager owns and maintains the Risk Register, but individual risks have their own designated owners.
2. Timing: The Risk Register is created during the Initiation Stage, not during Starting Up a Project.
3. Living Document: The Risk Register is updated continuously throughout the project, not just at stage boundaries.
4. Relationship to Risk Management Strategy: The Risk Management Strategy defines HOW risks will be managed; the Risk Register records WHAT risks exist.
5. Difference from Issue Register: Risks are uncertain events that MIGHT happen; issues are events that HAVE happened. Do not confuse these two registers.
Common Exam Question Types:
• Questions about what information is contained in the Risk Register
• Questions about who is responsible for maintaining or owning entries
• Questions about when the Risk Register is created or updated
• Questions distinguishing between the Risk Register and other management products
Watch Out For:
• Answer options that suggest the Risk Register is created before the project is authorized
• Options confusing Risk Owner with Risk Actionee
• Options suggesting risks should be removed from the register when closed (they should be marked as closed but retained for lessons learned)