What is a Risk Register: What It Includes, Who Creates It, and How to Build One

Failure. That’s what awaits every project manager who treats risk like an afterthought instead of a strategy. Skip risk management, and your project crashes. It’s that simple. The Risk Register is the one tool that prevents this, and every smart project manager uses it daily.

It should go without saying that risk is inevitable on every project. In fact, the biggest risk of all? Pretending risks don’t exist. Project managers use risk registers and risk reports to stay ahead of potential problems. This article focuses on the risk register: your complete guide to what it is, when to create one, who builds it, what goes inside, and how to use it effectively.

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What is a Risk Register?

A risk register is a document that identifies, analyzes, and tracks potential risks throughout the project life cycle. It serves as a central repository for all identified risks, providing project managers with a systematic approach to risk management and visibility into potential impacts on project objectives.

A risk register accomplishes the following:

• Identifies and categorizes risks by type (technical, financial, schedule, scope, etc.)
• Assesses probability and impact of each risk event
• Calculates risk scores to prioritize risks based on likelihood and consequences
• Documents mitigation strategies to reduce risk probability or impact
• Assigns risk ownership to ensure accountability for risk response
• Tracks risk status as project conditions change
• Establishes contingency plans for risks that materialize despite mitigation efforts

The risk register supports project decision-making by providing stakeholders with comprehensive visibility into project threats. It facilitates team communication, ensures accountability for risk management activities, and enables proactive risk response rather than reactive issue management.

For certain projects, risk registers are required to meet compliance regulations. However, a risk register is a fundamental project management tool for any project, regardless of size, complexity, or industry. While you cannot identify every possible risk, a properly maintained risk register establishes an effective risk management process that helps prevent issues from impacting project success.

Real-World Example of Risk Register

PROJECT TITLE: Website Redesign for Global Client
DATE PREPARED: July 23rd, 2025

R-001: Delay in Client Feedback

Project Title: Website Redesign for Global Client

Date Prepared: July 23, 2025

Description: Delay in client feedback causing missed milestones

Secondary Risk: Extended launch delay

Residual Risk: Slight scope creep

Response: Weekly feedback checkpoints

Response Strategy: Mitigate

Risk Owner: PM Lead

Status: Open

Quantitative Analysis

• Probability: 0.6
• Impact: $15,000
• EMV: $9,000

Qualitative Analysis

• Probability: High
• Impact: Medium
• EMV: Medium

R-002: Key Developer Resignation

Project Title: Website Redesign for Global Client

Date Prepared: July 23, 2025

Description: Key developer unexpectedly resigns

Secondary Risk: Knowledge loss

Residual Risk: Slowed development

Response: Cross-train & hire backup

Response Strategy: Transfer

Risk Owner: Dev Manager

Status: Open

Quantitative Analysis

• Probability: 0.3
• Impact: $30,000
• EMV: $9,000

Qualitative Analysis

• EMV: Medium
• Probability: Medium
• Impact: High

What is the difference between an issue and a risk?

In project management, a risk is a potential future event that may or may not occur, while an issue is a problem that has already occurred and requires immediate attention. Understanding this distinction is fundamental to effective project management.

Risk characteristics:

• Potential future events with uncertain outcomes
• May negatively impact project objectives if they occur
• Require proactive management strategies (mitigation, avoidance, transfer, acceptance)
• Examples: delayed material delivery, potential technical challenges, key team member departure

Issue characteristics:

• Problems that have already materialized and are currently affecting the project
• Certain occurrence with known negative impact
• Require immediate corrective action and reactive solutions
• Examples: software bugs discovered in testing, critical resource unavailability, missed project milestones

Issue Log vs Risk Register

As a project manager, you must effectively track and organize information about both risks and issues using different tools designed for each purpose.

Category	Risk Register	Issue Log
Focus	Future uncertainties	Current problems
Purpose	Plan for potential risks and opportunities	Resolve active issues
Key Content	Risks, impact, likelihood, response, owner, status	Issues, severity, resolution, owner, status
Use Timing	Planning and throughout project	During execution

Think of a risk register like a weather forecast—predicting potential storms and preparing contingency plans. An issue log is like documenting and responding to a current downpour that’s already impacting your project activities.

Good project management means proactively identifying and managing risks to prevent them from becoming issues, while efficiently addressing any issues that arise during project execution. Both tools are essential for managing uncertainties and problems throughout your project.

When is a Risk Register Created?

A risk register should be created during the project planning phase, specifically during risk identification and analysis processes. While complex projects with multiple moving parts benefit most from detailed risk registers, any project can benefit from systematic risk tracking, even a simple spreadsheet can make a difference.

The risk register is developed alongside other key project documents during planning, but it’s not a one-time creation. This is a living document that requires regular updates throughout the project lifecycle as new risks emerge and existing risks change in severity or likelihood.

Risk management should begin as early as possible in project planning. Creating your risk register early allows the team to understand potential threats, analyze their impact, and develop proactive mitigation strategies before issues materialize. The document should be reviewed and updated during milestone reviews, change management processes, and regularly scheduled risk assessments to maintain its effectiveness throughout project execution.

Who Creates a Project Risk Register?

The project manager typically takes the lead in creating and maintaining the project risk register. In larger organizations or complex projects, a dedicated risk manager may oversee the overall risk management process, including risk register development and maintenance. If your project team includes a dedicated risk management professional, such as a PMI Risk Management Professional (PMI-RMP)® credential holder, they would handle the formal creation and ongoing management of the risk register.

Regardless of who formally owns the document, the risk register should be a collaborative effort. All team members are expected to contribute to risk identification and assessment, as each person brings unique perspective and domain knowledge. One team member might be aware of a technical risk that others haven’t considered, while stakeholders in specialized areas can identify risks specific to their domains.

Since anyone on the project could potentially be impacted by identified risks, encouraging broad participation in risk identification and response planning leads to a more comprehensive and effective risk register. The goal is ensuring the document captures the full spectrum of potential project threats through collective team input.

What is Included in a Risk Register?

There are many ways to create a risk register, and there is no single correct method. You might need extensive detail in your risk register or prefer a simple tool to help you stay organized. At minimum, your risk register should capture the following essential elements:

• Risk Data: Qualitative and quantitative data about potential risks
• Risk Impact: Estimates regarding the potential impact of the risk
• Response Plan: An outline of your established response plan
• Risk Ownership: Who on the project team will take ownership of the risk

For a more comprehensive approach, the following components can help you break down and organize project risk content at a granular level:

Essential Risk Information:

• Risk Identification Number: A unique identifier for tracking each risk
• Risk Description: A clear explanation of the potential risk event and its impact
• Risk Category: Classification by type (technical, financial, operational, schedule, etc.)

Risk Analysis:

• Risk Probability: The likelihood of a risk event occurring (often rated as low, medium, high)
• Risk Impact: The potential consequences if the risk materializes, assessed by affected categories (schedule, budget, scope, quality)
• Risk Score/Priority: A combined evaluation of probability and impact used to prioritize risks

Risk Management:

• Risk Owner: The individual responsible for managing and monitoring the risk
• Response Strategy: The chosen approach (mitigate, transfer, avoid, accept)
• Response Actions: Specific steps to implement the response strategy
• Contingency Plan: Actions to take if the risk occurs despite mitigation efforts

Tracking Information:

• Status: Current state of the risk (open, in progress, closed)
• Triggers: Early warning indicators that the risk may be materializing
• Date Raised: When the risk was initially identified
• Notes: Additional context or information related to the risk

Now you know what goes into a risk register, let’s go over some recommendations for creating your risk register. This is especially important for students taking a PMP Certification course.

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7 Steps to Creating a Risk Register

Over time, you can determine what content you need in your risk register to meet the needs of your specific industry and project types. When you begin, use a sample risk register such as the Project Management Academy template.

Using a risk register template as a reference will help you familiarize yourself with the process of gathering, calculating, and documenting all the necessary information. You can adapt these practices to your needs as you become more familiar with risk registers.

Follow these steps to create and maintain your risk register using the Project Management Academy risk register template (found in our PMP Certification training) as your guide.

1. Identify all potential risks

Your first step in creating a risk register is comprehensive risk identification. This step is essential for effective risk management. Here are proven methods to help you identify risks:

• Review historical data: If your organization has run similar projects, analyze past risks and recurring patterns
• Engage stakeholders: Consult with project team members, clients, and other stakeholders who may be aware of potential risks
• Conduct market research: Research external risks such as supply chain issues, market conditions, or industry-specific challenges
• Perform SWOT analysis: Evaluate your project’s strengths, weaknesses, opportunities, and threats to uncover potential risks
• Brainstorm with your team: Gather diverse perspectives on both internal and external risks that could affect your objectives

2. Describe and categorize risks

Once you have identified potential risks, organize them using a risk breakdown structure. This tool helps you categorize risks, track data, and compare information across various risks.

• Create clear risk descriptions: Use formats like “EVENT may occur, causing IMPACT” or “If CONDITION exists, EVENT may occur, leading to EFFECT”
• Assign unique identifiers: Use numerical IDs or names for easier tracking and organization
• Categorize by type: Group similar risks together (operational, financial, technical, schedule, compliance) for easier analysis and responsibility assignment

3. Assess risks qualitatively and quantitatively

Risk analysis can be performed using qualitative or quantitative methods:

Qualitative assessment:

• Risk probability: Rate the likelihood as low, medium, or high
• Risk impact: Assess potential consequences on project categories (schedule, budget, scope, quality)
• Risk priority: Combine probability and impact to determine overall priority level

Quantitative assessment:

• Risk probability: Calculate likelihood as a percentage or ratio
• Risk impact: Score potential impact using standardized numerical systems
• Risk score: Multiply probability by impact to calculate priority level

4. Develop risk response strategies

Choose the most appropriate response strategy for each risk:

• Avoid: Eliminate the threat by changing the project plan or approach
• Mitigate: Reduce likelihood or impact through proactive measures
• Transfer: Shift responsibility to a third party (insurance, contractors)
• Accept: Acknowledge and monitor the risk without immediate action (typically for low-level risks)

Develop detailed response plans outlining specific actions, timelines, and responsibilities. Consider how your response plans may impact project budget, timeline, and other objectives.

5. Assign risk ownership

Designate a specific individual responsible for monitoring and managing each risk. The risk owner will oversee execution of the risk response plan if the risk materializes, ensuring clear accountability.

6. Prioritize and organize

Arrange your risk register content by priority level within your risk breakdown structure. This organization provides better visibility into your highest-priority risks and related risk events.

7. Monitor and maintain

Your risk register is a living document that requires ongoing attention:

• Regular reviews: Track status of each risk and update mitigation plans
• Monitor triggers: Watch for early warning indicators that risks may be materializing
• Add new risks: Identify and document newly discovered risks throughout the project
• Evaluate effectiveness: Analyze whether implemented strategies are working as expected
• Update risk scores: Adjust assessments as project conditions change

Following these steps helps create a comprehensive risk register that supports effective risk management and improves project outcomes.

Conclusion

Having a risk register to record and track all identified project risks is essential to the success of your project. This crucial tool in the risk management process can help you avoid problems or mitigate their effects on your project outcomes.

Do you want to learn more about risk management for the PMP exam and project management? Read our resources on risk audits in project management or how to apply risk management in your projects.

Risk management is critical in project management. That’s why the Project Management Professional certification and the PMI Risk Management Professional (PMI-RMP)® certification both emphasize practical risk management skills. Get in touch with your Project Management Academy experts to learn how to hone your risk management skills.

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