Risk register: How to create one (template, example)

Looking for tools to set your team up for success? A risk register can do just that.

A risk register is an important component of any successful risk management process and helps mitigate potential project delays that could arise.

A risk register is shared with project stakeholders to ensure information is stored in one accessible place. Since it's usually up to project managers (we're talking about you!), it's a good idea to learn how and when to use a risk register so you're prepared for your next project. In this article, you'll learn what a risk register is, why it matters, what to include, how to create one, and best practices to keep your projects running smoothly.

What is a risk register?

A risk register is a project management document used to identify, track, and mitigate potential risks before they become problems. It typically includes details like risk descriptions, likelihood, impact, ownership, and response plans, all in one centralized location.

A risk register document, otherwise known as a risk register log, tracks potential risks specifically within a project. It also includes information on the risk's priority and likelihood. A project risk register should not only identify and analyze risks, but also provide tangible mitigation measures. This way, if the risk becomes a larger threat, your team is prepared with solutions and empowered to solve the issues.

Why use a risk register

A risk register does more than list potential problems; it empowers your team to be proactive. Here's why it matters:

• Increases visibility: Stakeholders gain confidence when risks are tracked in a central, accessible location.

• Enables better planning: Teams can allocate resources effectively and respond to issues before they escalate.

• Protects project outcomes: A well-maintained register keeps everyone focused on key goals.

• Creates a reference for the future: Past risk registers help you identify recurring risks on new projects.

When should you use a risk register?

Ideally, you should use a risk register for every project, large or small. A simple project may only need basic fields like likelihood, priority, and solutions. More complex initiatives may require 10 or more fields to capture all relevant details.

While some companies employ risk management professionals to manage a risk log, it often falls on the project manager or team lead to oversee it. If your team doesn't already use a risk management or incident management process, it may be helpful to know common risk scenarios to decide whether a risk register is right for you and your team.

Some risk scenarios ranked by priority could include:

• Low priority: Risks such as lack of communication and scheduling errors can leave projects open to scope creep and missed work.

• Medium priority: Risks such as unplanned or additional work can strain teams' productivity and create unclear objectives.

• High priority: Risks such as data security and theft can lead to revenue loss and should be prioritized.

Once you know when to use a risk register, you can properly define high-priority risks when you come across them.

Who creates and maintains a risk register?

The project manager typically leads in creating and managing the risk register. They facilitate risk identification sessions and keep the document up to date throughout the project.

However, risk management is a team effort. Key contributors include:

• Team members: Provide input based on their day-to-day expertise.

• Department leads: Facilitate cross-functional collaboration and help assess risks that span multiple teams.

• Subject-matter experts: Spot potential issues others might miss.

By involving the right people early, you create a more comprehensive register and build shared accountability across your team.

What's included in a risk register?

A risk register typically includes a list of identified risks along with key tracking fields. While every team's register looks different, most include the same core components.

Most risk registers share a few essential components. Here's a quick overview:

The more complex your project, the more detailed your risk register should be. For large initiatives with multiple stakeholders, be as specific as possible in each field.

1. Risk identification

One of the first entries included in a risk register is the identification of the risk. This is usually a risk name or identification number. A risk identification field should include:

• The risk name

• The identification date

• A subtitle if needed

Keep risk names simple; a brief summary works best. Along with the name, include the identification date and a short subtitle if needed. This helps you track how long mitigation is taking and which risks are slowest to resolve.

2. Risk description

After the identification is complete, a short description should be added to your log. A risk description should include:

• A short, high-level overview of the risk

• Why is the risk a potential issue?

Keep descriptions brief, typically 80 to 100 characters. Focus on the key points: what the risk is and why it's a potential issue. Avoid unnecessary details so the risk can be quickly identified.

3. Risk category

There are several risk categories that help quickly identify potential risks. Quickly identifying the risk makes it easier to assign it to the correct team, especially when working on a complicated project with multiple risks. A risk category could be any of the following:

• Operations

• Budget

• Schedule

• Technology

• Information

• Security

• Quality

• Project plan

To determine the category, you'll first need to evaluate where the risk is coming from and who can help address it. You may need to work with department heads if the solution isn't obvious.

4. Risk likelihood

If risks are caught early enough, the team may be able to sort them out before any real action is needed. So it's possible that risks that are flagged on your risk register won't actually become problems.

The likelihood of a risk can be documented with a simple selection of:

• Not likely

• Likely

• Very likely

Categorizing your risks by likelihood can help you identify which risks to tackle first and which to wait on.

5. Risk analysis

A risk analysis gauges the potential impact the risk could have on your project. This helps to quickly identify the most important risks to tackle. This is not to be confused with priority, which takes into account both likelihood and analysis.

While teams document risk levels differently, you can start with this simple five-point scale:

1. Very low

2. Low

3. Medium

4. High

5. Very high

If you're struggling to identify the risk level, you may want to get a second opinion from a department head. This way, you can accurately gauge how high the impact might be.

6. Risk mitigation

A mitigation plan, also called a risk response plan, is one of the most important parts of a risk register. After all, the point of a risk management plan is to identify and mitigate possible risks. A risk mitigation plan should include:

• A step-by-step solution on how to lessen the risk

• A brief description of the intended outcome

• How the plan will affect the impact

While small risk assessments may be easy to mitigate, some risks are much more complex and don't have obvious solutions. In this case, the mitigation plan will need a bit of teamwork to solve. This usually happens beyond the actual risk register document, such as during a meeting or team huddle.

However you choose to conduct your mitigation plan, you should document a high-level description within the log for reference and clear communication. This ensures everyone on the project team understands the response plans.

7. Risk priority

While the impact of a risk will help determine priority, it's good to also include this entry in your log. Priority should take into account both the likelihood of the risk and the risk analysis. Both aspects will make it clear which risks are likely to have harmful consequences for the project.

Priority can be documented by a simple number scale:

• 1 (Low)

• 2 (Medium)

• 3 (High)

If you're looking to make your risk register more visually appealing, you may want to use a priority matrix or color-coded scale to document risk levels. This can be used in place of or alongside the three options.

8. Risk ownership

Once the risk has been identified, reviewed, and prioritized, it's time to assign the mitigation work to be implemented. Risk ownership should include:

• The person assigned to oversee the implementation of the work

• Any additional team members, if applicable

The risk ownership field can help quickly determine which department should handle the risk. It can also help visualize which team members own specific risks.

9. Risk status

The last field to include in your risk register is the risk's status. This helps determine whether a risk has been successfully mitigated. A risk status field should be filled out with one of the following:

• Open

• In progress

• Closed

If you want to get more granular with your status options, you may choose a more specific list, such as active, not started, hold, ongoing, and complete.

Additional risk register fields

While there are a handful of main entries that every risk register should include, there are additional optional items you can include as well. Take a look at these additional fields to decide if you need them.

• Risk trigger: Adding a risk trigger entry supports root cause analysis, helping you evaluate why the risk happened and prevent similar issues in the future.

• Response type: While many risks will be on the negative end of the spectrum, there is a possibility for a positive outcome. In this case, you can add a field for a positive or negative response.

• Timeline: You can also include the mitigation plan's schedule or timeline in the log to keep information in one place. Timeline software is a great tool for this.

How to create a risk register (with an example)

Creating your first risk register can feel overwhelming. Here's an example to help you get started.

Here's what your risk register log might look like:

Don't overcomplicate it; choose only the fields necessary to communicate risks to your team. Start simple and add complexity as needed.

Here's an example of a risk register entry to get you started on your own risk log.

1. Risk name: Design delay

2. Risk description: Design team is overbooked with work, which could result in a timeline delay.

3. Risk category: Schedule

4. Risk likelihood: Likely

5. Risk analysis: Medium

6. Risk mitigation: Hire a freelancer to create project graphics. Move meetings from Kabir's calendar during the week of 7/12 to free up time to edit graphics and send to Kat for final approval.

7. Risk priority: 2

8. Risk ownership: Kat Mooney

9. Risk status: In progress

Once you get the hang of filling out your risk register, you can work to continuously improve and perfect your data log for future projects.

Common risk scenarios

Multiple risks could arise during a new project. Anything from data security to unplanned work can risk projects going over budget and scope. It's important to identify potential risks before they happen.

It's a good idea to include common risk categories in your risk register to be prepared when they occur. Learn a little more about these risks and determine which ones could apply to your team.

Data security

If you're working on projects that could affect data security, it's extremely important to track and mitigate potential risks. Unmanaged risks could result in:

• Information being stolen: Without proper mitigation, your business could become vulnerable to the theft of private information. This is especially harmful if it's customer information being stolen.

• Credit card fraud: This is dangerous for a number of reasons, but it could result in a loss of revenue and potentially require legal action.

Data security is a top risk and should be prioritized accordingly in order to prevent long-term security issues.

Communication issues

Communication issues can arise no matter the size of your project and team. While a risk register can help identify where communication areas live, it can be helpful to also implement work management software to streamline communication at work.

Here are some risks that could arise from a lack of communication:

• Project inconsistencies: Without proper communication, work inconsistencies can cause confusion.

• Missed deadlines: No one wants to miss a deadline, but without clear communication, your team may not be aware of due dates for work.

Creating a proper communication plan can also help prevent risks from surfacing in the first place.

Scheduling delays

If scheduling errors and delays go unnoticed, they can become a big problem when deadlines are missed. Tools such as timelines and team calendar software can help prevent scheduling errors in the first place.

Project scheduling delays could result in:

• Rushed work: There's nothing worse than a project that hasn't been properly executed, which can cause goals to be missed and work to appear sloppy.

• Confusion: Teams can become overwhelmed and confused without a proper schedule.

Implementing a schedule can help keep work on track for both daily tasks and one-off projects.

Unplanned work

We've all been in a situation where a project goes over scope. It's a common risk that's fairly easy to mitigate if tracked properly. Catching unplanned work early on allows you to properly delegate it to the project lead.

Without a proper risk register, you could experience:

• Missed work: If work slips through the cracks, you may be at risk of missing a deadline altogether.

• Employee burnout: Overscheduling your team members with unplanned work can create tension and even cause overwork and burnout. That's why it's important to scope projects correctly.

If you do run into unplanned work, implementing a change control process can help communicate the additional work to your team members.

Theft of materials

While hopefully uncommon, businesses with large inventories of products could be at risk of theft or reporting errors. By tracking inventory consistently and frequently, you can catch risks early on to determine the cause.

Theft can leave your business open to:

• Loss of revenue: Whether products are stolen or errors in reporting occur, theft will negatively impact revenue.

• Uncertainty: When theft occurs, employee and business uncertainty can lead to internal stress.

• Misuse of time: Along with theft of tangible goods, there's a risk of time theft. In a remote working environment, it can be more difficult to track where your team is spending their time.

Similar to data security, theft is a high-priority risk that should be handled as quickly as possible.

Risk register best practices

To get the most out of your risk register, keep a few best practices in mind. These tips will help you maintain a useful and effective tool for your team.

• Keep it clear and simple. Your risk register should be easy to understand at a glance. Avoid jargon and focus on clarity so anyone can understand the potential issues.

• Review it regularly. Projects change, and so do risks. Schedule regular check-ins with your team to review the register, update risk statuses, and add any new risks that have emerged.

• Assign clear ownership. Every identified risk needs a designated owner. This ensures accountability and clarifies who is responsible for monitoring the risk and implementing the response plan.

• Add it to your project plan. Connect your risk register to your main project plan. This helps you see how potential risks could affect your timeline and work, allowing for more flexible planning.

• Learn from past projects. Use previous risk registers as a reference when starting new projects. This helps you identify recurring risks and apply lessons learned to improve future outcomes.

Manage project risks with confidence

Identifying risks is a large part of any successful risk management strategy. While identifying and mitigating new risks isn't always easy, it's essential in order to keep your business on track for success. Once you nail down your risk register, project risks won't seem as hard to manage.

Ready to take control of your project risks? Get started with Asana today and build a risk register that keeps your team aligned and your projects on track.

If you're looking for additional resources on risk management, check out how to create a contingency plan to prevent business risks.

Frequently asked questions about risk registers