What is the function of a "risk register" in risk management?

A risk register is a critical tool in risk management that serves the function of documenting all identified risks along with their associated management strategies. By providing a centralized repository for these risks, the risk register allows organizations to systematically track potential threats to their objectives, assess their impact and likelihood, and outline the strategies implemented to mitigate or respond to those risks.

This tool not only helps in maintaining awareness of possible risks throughout a project or organization but also aids in compliance and governance efforts. It allows stakeholders to understand the risk landscape, prioritize risks based on their severity, and ensure that appropriate action plans are in place. Regularly updating the risk register fosters effective communication among team members and supports informed decision-making.

In contrast, summarizing employee performance, detailing company finances, or listing completed projects do not align with the purpose of a risk register, which is specifically focused on identifying and managing risks rather than assessing performance, financials, or project completions.