What to Put in Your Risk Register (Risk Log)
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- čas přidán 28. 05. 2024
- Risk Management is one of the core skills of project management. And your Risk Register - or Risk Log - is the primary tool you'll use.
Risk registers come in many forms, but they all have two principal purposes:
- creating transparency and audit trail to show you have acted diligently in guarding your client's, or your company's money, resources, and reputation
- a management tool to help you in your active management of risk
But, whatever form your risk register takes, it will hold the same basic set of information. If your project is large, complex, risky, or important, you'll use all of that set (and maybe some extra features). If your project is smaller, simpler, and less important, you may have a slimmed-down risk register with fewer data fields.
Whatever type of project, in this video, I discuss the basic set of data that you will want to consider for inclusion in your risk register. And, I will talk a little bit about each.
For More about Project Risk Management...
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1. Videos on this Channel
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- What is Project Risk Management? • What is Project Risk M...
- How to Manage Project Risk: • Project Risk Managemen...
- Risk Management - 5 Tips to do it right • Risk Management - 5 Ti...
- What is Risk Tolerance? • What is Risk Tolerance...
2. Articles on our website
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- Ultimate Guide to Project Risk Management:
onlinepmcourses.com/ultimate-...
- Risk Response Strategies: Full & Revised Roundup:
onlinepmcourses.com/risk-resp...
- 10 Step Risk Management Kick-off for Your Project:
onlinepmcourses.com/10-step-r...
- How to Build a Robust Project Risk Culture [8 Steps]:
onlinepmcourses.com/robust-pr...
- The Project Manager’s Guide to Simple Risk Analysis:
onlinepmcourses.com/project-m...
- Indispensable Guide to the Sources of Project Risk
onlinepmcourses.com/sources-o...
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I think I just understood my entire Project management class from watching you videos! thanks!!!!
That's great to hear, Ana!
I don't know how, but you managed to make that rather interesting! Thank you :)
Well, I'll take that!
Thank you, Dr. Clayton! Your videos on Risk Management are key to my review to write the PMI-RMP exam in Spring 2023!
That's excellent. Best of luck!
Very well explained. Great delivery. Thank you.
You're very welcome!
Amazing info , thnx for sharing
You're very welcome.
Look I am not going to sugar coat this. I have watched a couple of your videos and found them very informative and they have certainly reinforced (and in some cased built up completely) parts of my PML understanding. I am so impressed I have liked this video and subscribed....cheers!!
Thank you very much - So glad you like my videos.
I just recently discovered your channel. Thanks for this and all your PM videos. They've been very helpful.
You are so welcome!
Another great video Mike, making it easy to understand.
Glad you enjoyed it
Thank you very much!
You're welcome.
Thank you so much. Please keep making videos!
Thank you, I will
Great video 👌🏾 Really helped me fo my MSc in Business Transformation 🙏🏾
Glad to have helped you.
Thanks for all the great free information..................
You're welcome...
Great 👍
Thanks!
You made this so easy! Thanks!
You're so welcome!
Love it. Thanks for sharing your knowledge :)
You're welcome.
Thanks for spreading the knowledge. Some examples can be helpful.
You're welcome.
Examples would be another video - I'll add it to the list! Thank you.
Thank you! Great, concise explanation on a topic that is completely foreign to me...until now :-)
Glad to help, Dennis.
I've watched saveral of your videos Mike, I do like them. You surely know what you're talking about. I'm studying PM Diploma at a University full-time. You can be our teacher or maybe more. Keep it up! and thanks.
Glad you like them!
Good luck with your Diploma.
Wonderful video from you. Please I will like to have online discussion with you on risk related issues. Where can I link up with you?
You can have the discussion here, or you can contact me by email.. or via my website: onlinepmcourses.com
Great, thanks for sharing
You're very welcome.
Risk Management - simplified :)
Kishor, here is my overview of the whole risk management process: czcams.com/video/xXV_gjtXMSk/video.html
Brilliant !
Thanks !
Excellent as always. 👍
Thank you, Kevin!
@@Onlinepmcourses Hello Clayton, Please can I a copy of your risk log? Thanks
@@majekodunmiemmanuel5421 Email me
Mike! Thanks for sharing… The last bit of the register ie. Action .. makes the register look more like an incident or issues register ie. These issues are managed then closed out whereas risks are something that exists and it is managed by having control activities to mitigate their risks. So issues and incidents are short term problems that are closed out but risks are pretty much something that stays and managed with controls. I got confused at the end bit as that is more of an issues register rather than an RR. Your thoughts, Mike?
Thank you.
Action is the action you take to reduce or eliminate or otherwise manage the risk. I agree that it may not close out the risk fully - but it might. For example:
Risk: The supply of widgets for stage 6 may be unavailable when we need them.
Action: Buy in advance
Outcome: After purchase and delivery, we can close-out the risk
On the other hand, if you place the order, the risk remains open until delivery.
Lastly, I tend to prefer a combined risk/issue register, as ssues are nothing more than risks with a 100% likelihood! - czcams.com/video/yMTVdal6ANc/video.html
Agree. My view is that risks never get closed and stay on the risk register.Very good point.
Can you help provide a Sample filled out sample risk log register for reference and understand better based on some Risk context
To better learn, build your own Risk Register based on my model and complete it for a project that is relevant to your own domain.
i am in your fun club!!!
Thank you!
Great sharing your knowledge with us! One question please. What is common practice in projects, who is eligible to record -document risks and lesson learned in risk and lesson learned register?
PM? Someone assigned by PM? Or any member team and any stakeholder can do that? thanks in advance.
This is determined by the rules the PM sets or the team sets as a whole. There is no ‘right’ way nor a standard approach. My own preference is to widen access to risk and LL logs across your team. But also create good discipline in version control- or, ideally, use software that automates it.
@@Onlinepmcourses Thanks a lot!
Is the risk management plan that's part of the Risk Register part of the Risk Management Plan which is a subsidiary the Project Management plan or are they just sharing the name?
Your risk register is a project control tool. It sits 'beneath' your master Risk Management Plan. However, as you picked up, within each element of your risk register is a plan for managing a specific risk. I loosely call these Risk Management Plans. But they are not the same as your wider 'Project Risk Management Plan' that sits across your whole project and is a core part of your wider Project Management Plan. Great question, Robert. Thank you.
can you create this in a work management tool?
I'm sure you can, but I am not familiar enough with the tools to advise specifically.
But here's the thing... Project Managers are resourceful. So, we can always find a way to adopt or adapt a good idea!
May I ask you to describe the risk management in a company,?
That's a very big question - and has many possible interpretations. And as many answers as there are types of company. Risk management in banks is very different to risk management in pharma, for example. And also, I know a lot about Project Risk Management - a lot less about operational risks. If you have a specific question, I'll try to answer it, but your general question needs a 4,000-word answer!
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Your videos are great and informative, but Mike...you really need a beard, my man!
Thank you.
I had a beard for 7 years in my 20s. I don't think Mrs OnlinePMCourses would approve of me re-growing it!
My wife used to think the same but it grew on me and then on her, haha. I had to be clean shaven for so many years in the military - now I have a free face warmer for the winter! @@Onlinepmcourses