6 At the level of individual policies, programmes and policies, risk management strategies should be adopted in a way that is appropriate to their scale.
7 A risk register or risk log is a useful tool to identify, quantify and value the extent of risk and uncertainty relating to a proposal. A risk register / log can be used to identify the bearer of each risk and uncertainty associated with the project being appraised, provide an assessment of the likelihood of each risk occurring, and estimate its impact on project outcomes. Box 4.1 provides more detail.
BOX 4.1: RISK REGISTER (RISK LOG)
PURPOSE A risk register lists all the identified risks and the results of their analysis and evaluation. Information on the status of the risk is also included. The risk register should be continuously updated and reviewed throughout the course of a project. CONTENT A risk register is best presented as a table for ease of reference and should contain the following information: ❑ Risk number (unique within register); ❑ Risk type; ❑ Author (who raised it); ❑ Date identified; ❑ Date last updated; ❑ Description; ❑ Likelihood; ❑ Interdependencies with other sources of risk; ❑ Expected impact; ❑ Bearer of risk; ❑ Countermeasures; and ❑ Risk status and risk action status. FURTHER INFORMATION For an example of a risk log and further information on the identification of risks and successful project and risk management refer to the OGC.2 |
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2 See website: http://www.ogc.gov.uk