5.8 Purpose: The Internal Risk Management Register ("risk register") allows the contract team to anticipate and manage events which may cause the project to fail.
5.9 Useful documents: The project will have an Internal Risk Management Register in the procurement phase. This will need to be updated to exclude risks that fall away at contract signature and include the risks incumbent on the Authority during the construction and operational phases.
5.10 Areas to consider: The risk register for the construction and operational phases will set out the events which may happen, the probability of them occurring and the impact which they would have. It will also provide information on how the impact can be mitigated and how the probability of the event occurring can be reduced. Each risk should have a named individual responsible for the management and mitigation of the risk. The risk register should be a dynamic document; new and emerging risks should be added and the register should be reviewed regularly to make sure that it presents a relevant risk assessment. A realistic examination of the resources which will be needed to manage these risks should also be made and monitored regularly. Authorities should consider the case for a shared risk register with the private sector so that both parties can discuss the events and their mitigation.