A risk register template (a risk log template) is a pre-set table containing relevant details to track, mitigate, and document project risks.
In risk management, a risk register is vital. Using a template to create one for your project can make its setup and initiation smoother and easier.
Components of a Risk Register
Let’s go over the key elements of a risk register template.
Risk Identification
Risk IDs are unique combinations of letters and numbers with a logical order, associated with risks entered into the risk log. Assigning unique risk IDs to each risk logged facilitates better tracking, communication, and project reporting.
Risk Description
The risk description provides additional context for the risks logged in the risk register. Conscientiously and concisely providing ample descriptions of the risks can help improve alignment with stakeholders and provide additional detail and insights for future reference.
Risk Categories
Risks can usually be categorized based on where they’re related: schedule, budget, technical, or external–but categories can vary depending on the project. Categorizing risks can make risk logs more organized. But more importantly, they can aid project managers in evaluating which areas of the team or project need the most supervision and mitigation. Long-term operational changes can also be considered if certain high-impact and high-probability risks.
Risk Assessment and Risk Score
Not all risks require the same amount of attention, and risk assessments help project managers evaluate how many resources should be allocated to mitigating each of them.
Risk assessment is often based on two things: impact and probability.
Risk Score = Risk Impact x Probability Value
Risk Impact is how much it would affect project progression and output. For example, a major stakeholder’s disapproval can hold up the project’s next phases. Meanwhile, the 2-day vacation leave of the UX designer may have a lesser impact if your website project is already in the development stage and there’s leeway for the deliverable.
Probability Value determines the likelihood of a risk happening. For example, the risk of having a spotty internet connection can be considered low if you have an office with several backup networks. Meanwhile, the risk of your office being closed due to an impending snowstorm is high, especially if it’s usual in your area.
Risk Response
The risk response is how the team intends to manage the risk. Here are a few examples:
Risk Owner
Assigning an accountable person to monitor and mitigate a specific risk increases the chance of it being handled well. It’s not enough to list action plans, accountability is crucial to ensure success.
Best Practices for Using a Risk Log Template
Customize Template
Risk register templates are helpful to get you started. But to make it truly effective, you must adjust it based on your needs. Add or subtract columns and redefine some of them. Constantly observe what’s working and what’s not, and discern if there is a need for change or extra onboarding.
The most important thing about your risk log template is not how faithfully it sticks to well-known formats but how effectively it serves your team.
Ensure Clarity and Consistency in Descriptions
It’s easy to assume that the risks logged are self-explanatory, especially in the thick of project activity where everything has to be quick. It’s tempting to rush through the additional details to focus on more pressing tasks. While there will certainly be times when cleaning up your risk register is a low-priority activity, it’s advisable to endeavor to make your risk descriptions helpful to the other stakeholders who may not have the same level of context as you.
Aside from documentation, your risk register can facilitate alignment. Putting care in providing context for the risks you log can help you maximize this benefit.
Collaborate for Risk Identification and Assessment
Project managers have a great perspective on the project, and big-picture insights are always valuable. However, team members have a better perspective on the nitty-gritty tasks. They have a solid grasp of potential blockers on activities that might significantly affect project progress. Consultants and other stakeholders may also have insight into external factors that can affect the project team. Because of this, collaboration for risk identification and assessment can make you more effective in formulating mitigation strategies.
Use the Right Tool
Your risk log will be a living document. The tool you use for it needs to be intuitive, flexible, and accessible to the whole team. Without the right tool, you might not be able to make the most out of your risk log template.
Our recommended tool is Workamajig, the project management tool for creative teams. It provides flexibility for creative teams to communicate and centralize all information. Keeping your risk register in a tool like this will make it usable for the team and allow it to effectively facilitate transparency across relevant stakeholders.
Keep it Simple
There’s often the temptation to overengineer, trying to create the “perfect tool” with “complete features”. But remember that the risk register’s most important quality is that it's usable –not just that it’s comprehensive.
A risk register template provides you with the most essential pieces of info you need to log risks. Some complications are necessary, while some might add unnecessary friction. Discern and evaluate them wisely.
Wrapping Up
A risk register template expedites the building of a risk log for project management. It contains the necessary information for effective risk assessment, tracking, mitigation, and documentation. The best risk register template for your team is the one that aligns best with your needs. Adjust it with a tool like Workamajig to integrate it into your project management processes.