How to create a risk register
Produced in partnership with Beth Pipe FCIPD of OnLive Learning
Practice notesHow to create a risk register
Produced in partnership with Beth Pipe FCIPD of OnLive Learning
Practice notes
Managing risk is not a one-off event; it is an ongoing process, as illustrated:
This Practice Note explains how to evaluate and record risks by way of a risk register, a tool that allows you to collate all your risk information in one place, by categorising each risk the organisation faces, scoring each risk and then deciding on your response to each risk, eg reject or accept and, if the latter, how to control or mitigate the risk—see Precedent: Risk register.
What is risk?
There is a widely accepted definition of risk, ie:
Risk = probability x impact
So, for any given risk faced by your business, there are two questions:
- •
how likely is it that the risk will materialise, ie what’s the probability?
- •
if the risk does materialise, how bad will it be, ie what’s the impact?
A risk register is a tool for scoring and recording individual risks using this formula—see section Scoring each risk. It is also used to record your response to each risk,
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Jurisdiction(s):
United Kingdom
Key definition:
Risk register definition
What does Risk register mean?
A formal list of the risks to which the pension trustees are exposed to, and their degree of importance.
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