Risk Registry
Centralized repository for tracking and managing registered risks
The Risk Registry is a centralized repository where risks identified during risk assessments are registered for ongoing tracking and management. Once risks are registered, they can be monitored, tracked through their lifecycle, and managed with treatment plans, mitigation strategies, and review processes.
Ongoing Tracking
Monitor registered risks throughout their lifecycle, from identification to treatment completion.
Treatment Management
Define and track mitigation strategies, treatment plans, and progress toward risk reduction.
Registering Risks
Identify Risks in Assessment
First, identify and document risks within a risk assessment. Each risk should have likelihood, impact, risk score, and risk level calculated.
Register from Assessment
From the risk assessment, you can register risks to the Risk Registry. This creates a registered risk record that can be tracked independently of the assessment.
Create Directly in Registry
Alternatively, you can create registered risks directly in the Risk Registry by navigating to Risk Registry → Risks → "Add Risk".
Registered Risk Fields
Clear, descriptive name for the registered risk
Numerical rating of the potential impact (typically 1-5 or 1-10)
Explanation of why this impact level was assigned
Numerical rating of the probability of occurrence
Explanation of why this likelihood level was assigned
Calculated score based on impact and likelihood
Categorized risk level (e.g., Critical, High, Medium, Low)
Priority for addressing the risk
Plan or approach for reducing or managing the risk
Associated project or initiative
Expected timeline for addressing the risk
Person responsible for managing the risk
Team members who review and approve risk decisions
The assessment from which this risk was registered
Managing Registered Risks
Viewing Registered Risks
Navigate to Risk Registry → Risks to see all registered risks. The table shows key information including title, risk level, risk score, owner, and associated assessment.
Editing Risks
Click "Edit" on any registered risk to update its details. You can modify impact, likelihood, mitigation strategy, timeline, and other fields as the risk evolves.
Tracking Mitigation Progress
Update mitigation strategies, timelines, and project associations as treatment plans are implemented. Track progress toward risk reduction goals.
Assigning Owners and Reviewers
Assign risk owners responsible for managing the risk and reviewers who must approve risk-related decisions. This ensures accountability and oversight.
Updating Risk Scores
As mitigation strategies are implemented, update impact and likelihood levels to reflect the reduced risk. The system will recalculate risk scores and risk levels accordingly.
Risk Scoring
Impact Level
A numerical rating (typically 1-5 or 1-10) representing the potential negative impact if the risk materializes. Higher values indicate greater impact.
Likelihood Level
A numerical rating representing the probability or frequency that the risk will occur. Higher values indicate greater likelihood.
Risk Score
Calculated by multiplying impact level by likelihood level. This provides a quantitative measure of the risk that can be used for prioritization.
Risk Level
Categorized level (e.g., Critical, High, Medium, Low) based on the risk score. This provides a qualitative classification for easier communication and decision-making.
Best Practices
Register all significant risks that require ongoing tracking and management
Provide clear, descriptive titles and thorough rationale for impact and likelihood
Link risks to their source assessment for traceability
Assign clear ownership to ensure accountability for risk management
Update risk scores regularly as mitigation efforts progress
Document mitigation strategies and track progress toward risk reduction
Next Steps
Need Help?
Our support team is here to help you with the Risk Registry.