How to create a PMP Risk Register – Download a Risk Register Template

The Risk Register PMP (r), also known as the Risk Log, is one main output of Project Risk Management in PMBOK(r). The Risk Register PMP(r), or Risk Log, is designed to give the project team a tool to track and organize risks throughout the project. This will allow them to have a plan in case of a potential risk.
This post will show you how to create a risk register for a project. Download the template to get started.
A risk is an unpredicted event that could or might not occur in the future. Project risks that are not properly documented and managed can lead to major cost overruns and schedule delays. They can even lead to the project being cancelled in the worst case.
Project Management Institute (PMI), recommends that a risk register be created during the Planning phase of a project. This will then be progressively expanded upon throughout the project.
Some Project Management Offices (PMOs), will provide a Risk Register template for the project manager at the beginning of the project. Sometimes, the project manager will need to create their own template. Once the template has been approved you will use it throughout your project.
You and your team need to agree on a common template that you can use throughout your project. What is considered high impact? Medium impact? Medium impact?
Once you have your Risk Register template, common definitions, and a working list, you can brainstorm with your team and identify all possible risks to your project. You will need to keep this list updated throughout the project. You must document any new risks that you or your team discover in the project’s risk register.
Each risk in the register will have an owner. This person will be responsible to ensure that the risk does NOT occur and minimize the negative consequences if it does.
What can a project manager do to reduce risk?
There are four ways a project manager can approach a potential negative risk or threat to the project.
Accept – If the risk does not have a low risk score, you can accept it. Avoid – You will do nothing about the threat. The PMI does not recommend this strategy. The PMI does not recommend this strategy. Residual risk refers to the risk that remains after you have implemented your plan to mitigate it.
The outcome of the qualitative as well as quantitative analyses will determine the method the project manager uses to manage the risk. Let’s now look at how these processes are calculated.
Qualitative analysis
This process is subjective, just like the word “qualitative”. You will take every risk you are responsible for, and then apply the common definitions.
You are also assigning a probability level and an impact level to each risk. You will indicate whether the risk has a high, medium or low impact, and whether the risk has a high, medium or low probability.
Even though common definitions have been established, you still bring your bias to the evaluation. One member of the team may view the common definitions and rate the risk as having medium impact, while another person may rate it as having low impact. This process can be either “qualitative” (or “subjective”)
A Risk Matrix is used to calculate the Risk Score for a risk. Find out how to create one.
Probability is the key to qualitative analysis.

Author: Victoria