Risk register template

Identify potential risks

The first step in using a risk register template is to identify any potential risks you may face during the project life cycle. Start by considering factors like project scope, timeline, resources, and any external factors you feel may cause future issues. 

Collaborate with stakeholders, project managers, and team members to gain viewpoints from every level. Extra vigilance in this phase ensures that no critical risks are overlooked and will make dealing with risks much more manageable.

Categorize risks

Once you’ve met with team members, stakeholders, and managers to determine potential risks, begin categorizing them. Depending on what you’re using the risk register for, these categories will likely change, but you can start by breaking them into financial, operational, and technical risks.

Organizing risks by type makes it easier to allocate resources, focus mitigation efforts, and assign responsible teams to address them based on their impact area. If created properly, you’ll know exactly where to locate issues and who to assign them to.

Asses likelihood and impact

Each risk you’ve identified will need to be assessed for its likelihood of occurring and the severity of its impact on the project. You can use a simple 1-5 rating to measure these factors. To get the total risk score, multiply the likelihood rating by the impact rating. For example:

• The risk: Your project team is not adequately staffed, or team responsibilities are unclear.
• Probability: 4
• Impact: 5
• Total risk score: 20

Following this method for every risk you’ve identified clarifies which risks are more critical than others. Prioritize the risks with the highest score, then work down. Check out this example of a risk register in greater detail, where you can visualize each column in action.

Define mitigation strategies

For each identified risk, a mitigation strategy must be established. Your team should create action plans to either reduce the likelihood of the risk occurring or minimize its impact. These strategic planning efforts could include process adjustments, contingency plans, or resource allocation. 

Using the example we just introduced, a potential mitigation strategy could be to create and implement a roles and responsibilities template, eliminating confusion about who should do what. You may also require team leads to spend additional time on recruiting or have the HR team begin a hiring campaign.

Assign ownership

For each risk, designate a team member or group responsible for tracking its status and implementing the mitigation strategy. This ensures that no risk goes unnoticed and that mitigation efforts are actively managed throughout the project, keeping the team aligned and focused on resolving issues as they arise.

Review and update

Updating the register is essential as new risks emerge or existing ones are mitigated. Regular reviews ensure that the risk management process stays relevant and that any necessary adjustments are made promptly, helping to keep the project on track and minimize potential disruptions.