Project Risk Register
[Template & Guide]
Version 1.3 (April 2008)
This Guide is intended to be read in conjunction with the following Template for the development of a
Project Risk Register.
As such, the Guide should be removed from the front of your final document.
License URL: [Link]
Please give attribution to: © State of Tasmania (Department of Premier and Cabinet) 2017
What is a Risk Register?
Why would you develop a Risk
The Risk Register records details of all the Register?
risks identified at the beginning and during
the life of the project, their grading in A Risk Register is developed to:
terms of likelihood of occurring and
seriousness of impact on the project, initial provide a useful tool for managing
plans for mitigating each high-level risk, and reducing the risks identified
the costs and responsibilities of the before and during the project;
prescribed mitigation strategies and document risk mitigation strategies
subsequent results. being pursued in response to the
identified risks and their grading in
It usually includes: terms of likelihood and seriousness;
provide the Project Sponsor, Steering
a unique identifier for each risk; Committee/senior management with a
a description of each risk and how it documented framework from which
will affect the project; risk status can be reported;
an assessment of the likelihood it will ensure the communication of risk
occur and the possible management issues to key
seriousness/impact if it does occur stakeholders;
(low, medium, high); provide a mechanism for seeking and
a grading of each risk according to a acting on feedback to encourage the
risk assessment table (refer to Table involvement of the key stakeholders;
1); and
who is responsible for managing the identify the mitigation actions required
risk; for implementation of the risk
an outline of proposed mitigation management plan and associated
actions (preventative and costings.
contingency); and
in larger projects, costings for each When would you develop a Risk
mitigation strategy. Register?
This Register should be maintained Initial risks must be identified and graded
throughout the project and will change according to likelihood and seriousness
regularly as existing risks are re-graded in very early in the Project. This initial risk
the light of the effectiveness of the assessment will form part of the Project
mitigation strategy, and new risks are Proposal/Brief or Project Business Case
identified. In smaller projects, the Risk for the project. Once the project is
Register is often used as the Risk approved the Risk Management Plan and
Management Plan. Risk Register should be fully developed.
In the case of smaller projects, the Risk
Register may serve both purposes.
PM 007 Project Risk Register: Guide
Tasmanian Government Project Management Framework
2
What you need before you start: Mitigation actions should include such
things as:
Knowledge and understanding of the
project. Preventative actions - planned actions
Knowledge and understanding of the to reduce the likelihood a risk will
Key Stakeholders. occur and/or reduce the seriousness
Knowledge and understanding of should it occur. (What should you do
appropriate types of risk management now?)
activities, or where to obtain them. Contingency actions - planned actions
Any of the following documents – to reduce the immediate seriousness
Project Proposal/Brief, Project of the risk when it does occur. (What
Business Case, or Project Business should you do when?)
Plan. Recovery actions - planned actions
The Tasmanian Government Project taken once a risk has occurred to
Management Guidelines. allow you to move on. (What should
you do after?)
Also advisable:
The column for work breakdown structure
Departmental Project Management (WBS) indicates that the mitigation action
Guidelines. has been added to the WBS; that is, it is
Corporate/Business Plan for the being acted upon.
Department/Business Unit.
A number of different text styles have
What you will have when you are been used within the template, as follows:
finished: Text in blue italics is intended to
provide a guide as to the kind of
A complete Project Risk Register that is information that can be included in a
ready to be given due consideration by the section and to what types of projects it
Project Sponsor and/or the Project might be applicable. It should be
Steering Committee. deleted from the final document .
Text in normal font is intended as
examples.
Text enclosed in <angle brackets> is
intended to be replaced by whatever it
How to use this template
is describing.
This document has been formatted for
The template consists of some headings duplex printing. If you intend to print
and a table that reflects the nature of the single sided, you may need to delete
information that is to be addressed. some page breaks.
The completed Risk Register should be
brief and to the point, so it quickly conveys
the essential information. It should be
updated on a regular basis, at least
Where to Get Additional Help
monthly.
Project Management tools and resources
The description of the risk should include that can assist you through each step in
the associated consequences or impact your project are available at
where these are not obvious. These [Link]
consequences can be useful in identifying
appropriate mitigation actions. In larger
more complex projects, a separate column
may be required. Checklist
Have you remembered to remove:
PM 007 Project Risk Register: Guide
Tasmanian Government Project Management Framework
3
The versioning statement from the
front cover of your document?
This guide and checklist from the front
of your document?
All blue italic instructional text and
<prescriptive text enclosed in angle
brackets> within the template?
PM 007 Project Risk Register: Guide
Tasmanian Government Project Management Framework
4
<Project Title>
Risk Register as at <Date>
File No.: <n>
<enter name of unit>
Department of <enter name of department>
REPORT FOR: (Optional) eg <Project Name> Steering Committee
PROJECT MANAGER: <Name>
PROJECT OBJECTIVE: As stated in the Project Business Plan.
Rating for Likelihood and Seriousness for each risk
L Rated as Low E Rated as Extreme (Used for Seriousness
only)
M Rated as Medium NA Not Assessed
H Rated as High
Grade: Combined effect of Likelihood/Seriousness
Seriousness
low medium high EXTREME
low N D C A
Likelihood
medium D C B A
high C B A A
Recommended actions for grades of risk
Grade Risk mitigation actions
A Mitigation actions, to reduce the likelihood and seriousness, to be identified and
implemented as soon as the project commences as a priority.
B Mitigation actions, to reduce the likelihood and seriousness, to be identified and
appropriate actions implemented during project execution.
C Mitigation actions, to reduce the likelihood and seriousness, to be identified and costed for
possible action if funds permit.
D To be noted - no action is needed unless grading increases over time.
N To be noted - no action is needed unless grading increases over time.
Change to Grade since last assessment
NEW New risk Grading decreased
— No change to Grade Grading increased
<Project Title> Risk Register Page 2
<Project Title> - Risk Register (as at dd-mm-yyyy)
Id Description of Impact on Change Date of Mitigation Responsibilit Cost Timeline Work
Risk Project Review Actions y for mitigation for Breakdown
Assessment of
Assessment of
Likelihood and
(including any (Identify (Preventative or action(s) mitigation Structure
Seriousness
identified ‘triggers’) consequences 1) Contingency) action(s)
Likelihood
(combined
Grade
<n> <A “newspaper <Describe the <Chang <Date of <Specify <Specify who <Specify This is to
headline” style nature of the e in last planned is timefram indicate
statement. Also risk and the Grade review> mitigation responsible e for that the
identify relevant impact on the since strategies: for mitigatio identified
triggers that may project if the last Preventative undertaking n mitigation
cause the risk to risk is not review> (implement each action(s) action has
be realised.> mitigated or immediately) mitigation to be been
managed> Contingency action(s)> complet included in
(implement ed by> the WBS
if/when risk (workplan)
occurs).> .
1 Steering Lack of H H A NEW 15/02/06 Preventative: Project NA 15/03/06 Y
Committee availability will Highlight Manager
unavailable. stall progress strategic
Identified (ie. delayed connection -
triggers: decisions will link Project
Steering defer output Objective to
Committee finalisation, relevant
meetings extend project Agency
repeatedly timelines and strategic
rescheduled staff resources objectives
due to lack will be Confirm 2006
of required for meeting
availability; longer than schedule in
1
In larger projects, the consequences of the threat may not be evident, and noting them under each risk or in a separate column can be useful in
identifying appropriate mitigation actions.
Page 3
<Project Title> - Risk Register (as at dd-mm-yyyy)
Members do anticipated) January
not attend Confirm SC
despite prior membership
confirmation Widen
of representation
attendance. (include other
Agencies)
2 Inadequate Budget blow M M B No 15/02/06 Contingency: Project TBC TBC N
funding to out means change Re-scope Manager
complete the cost savings project, focusing
project must be on time and
Identified identified – ie. resourcing
triggers: reduced
Funding is output quality,
redirected; timeframes
Costs increase are extended,
(poor quality outcomes
materials/ (benefits) will
inaccurate cost be delayed
estimates) and/or
reduced.
Page 4
<Project Title> - Risk Register (as at dd-mm-yyyy)
3 Staff reject new Rejection H H A NEW 15/02/06 Preventative:
procedures means High level Sponsor NA 21/02/06 Y
Triggers include additional time reinforcement of
Staff don’t and resources policy changes;
participate in required to Provide Project NA 21/02/06 Y
training (not achieve opportunity for Manager
prepared for successful staff feedback
new roles); implementatio prior to
New n - ie. outputs policy/procedur Consultant $3,0 30/03/06 N
procedures not languish; more e finalisation; 00
applied (work- training is Develop
arounds still required Training Plan
used). (additional that allows for Project 30/03/06 N
cost, time repeat Manager NA
delays); attendance
potential for (perhaps 2
‘falling back stage training?);
into old ways’ Identify staff Project 30/04/06 N
(more change ‘champions’ to Manager NA
mgt required); promote
loss of adoption of new
credibility for procedures
project (buddy system);
(perception of Circulate
failure). information to
staff that
promotes how
new
procedures
have
improved
processes
(eg. 10 steps
reduced to 4
steps etc);
proportion of
staff that have
successfully
completed the
Page 5
<Project Title> - Risk Register (as at dd-mm-yyyy)
training.
Identifies local
‘buddies’ for
troubleshootin
g.
Page 6