Steps to Creating a Risk Register

Youtube (& description) on risk registers:

Website: riskmp/projectmp

ProjectMP offers a suite of products to help manage your projects better. All of our software integrates with each other to ensure a complete and seamless project management tool.

1. Focus on the sources of risk to identify the possible risks that may occur.

  1. Take another look at
    • Contract documents
    • GeoTech reports
    • Surveys
    • Drawings
  2. Consider the team
    • Architects
    • GC
    • Subcontractors
    • Suppliers
    • Project Management team
    • Trades
    • Client/Owner such as Developer, Institution, Corporation, Government Agency
  3. Consider the Business Cycle
  4. Consider the Regulatory Environment
  5. Consider the physical environment – site conditions, weather, seasons

2. Review the project plan

  1. Identify each item that may have a risk associated with it.

3. Create a table of all risks against the tasks and portions of the project that they are associated with. Classically this is known as a risk register. The risk register provides you with the structure in which to identify all possible risks.

  1. Read and consider the project plan. As you think about the tasks that are undertaken in building the project, the areas of uncertainty should become identifiable and recordable.

Once all areas of uncertainty are identified, analyze each uncertainty or risk and identify also:

  1. The date of concern, which will be associated with the date that the task is scheduled to occur
  2. The likelihood of occurrence or probability
  3. The impact in terms of severity, cost and schedule impact
  4. Discuss and describe the impact
  5. Assign an owner to the risk
  6. Develop a response plan for the risk: it may be to accept, mitigate or transfer the risk. The response plan also requires an owner and a due date
  7. Prioritize the risks in order of expected value (Probability x Impact)
  8. Address all severe risks

This quantitative analysis in a tabular format has a number of advantages.

  1. It allows for easy comparison, sorting, and review
  2. Reporting on progress is facilitated
  3. Updating the table is simple
  4. The table can contain as many or as few risks as a project portends

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