A risk register is key to effective risk management. A good risk register will help you capture your risks, set out the risk score, define your approach and get assurance of your risk approach.
That means the right risk register template is important. Fortunately the risk management experts at WuDo Solutions have designed this template to help you hit the ground running.
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Download the Risk Register Template Here
How to Use The Template
Instructions are included with the template. However, to use the risk register just download it and fill in the columns as set out below:
| ID, Category | Each risk should have it’s own unique ID. You can also put the risk categories in initial form: financial (F), operational (O), and reputational. E.g. 001 (F, R) |
| Heading | The title of the risk |
| Objective | The objectives the risk relates to |
| Programme | The projects or programmes, if any, the risk relates to |
| Principal risk | Describe the risk in terms of cause, event effect |
| Risk Approach | Accept, Mitigate, Share or Avoid |
| Current Consequence | The consequence of the risk as it is, ranging from 1 to 5 |
| Current Likelihood | The likelihood of the risk occurring as it is, ranging from 1 to 5 |
| Rating | This is your risk score. The template will calculate this automatically |
| Mitigation | What actions are you taking to mitigate the risk, if that is your approach? You should also note any mitigating action you cannot take currently for any reason |
| Assurance | How do you know that your approach to managing the risk is working? Where is the evidence? |
| Post mitigation Consequence | The consequence of the risk after you have applied your risk approach, ranging from 1 to 5 |
| Post mitigation Likelihood | The likelihood of the risk occurring once you have applied your risk controls, ranging from 1 to 5 |
| Rating | This is your residual risk score. The template will calculate this automatically |
| Date last reviewed | When was this risk last reviewed and updated? |
| Risk lead ( risk owner where blank) | Who is responsible, if not the risk owner, for the day to day management of the risk? |
| Risk owner | Who is accountable for the risk? |
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Sign Up Here:
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Read More About Risk Registers
Using a risk register to track risks is fundamental to the risk management cycle (as seen below). To help understand what risk registers are and why they are important click here.
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