What is a risk register?

A risk register is a crucial tool in risk management that serves to document various risks that an organization may encounter. It typically includes details about each identified risk, such as its nature, probability of occurrence, potential impact (or severity), and the planned actions or strategies to mitigate or manage those risks. By maintaining a risk register, organizations can systematically identify, assess, and prioritize risks, ultimately allowing for more informed decision-making and resource allocation when it comes to addressing potential challenges.

This process helps ensure that risks are actively monitored and managed rather than being left unaddressed. In contrast to other options, a financial record of company expenses, a list of employees and their roles, or a schedule for project management tasks do not specifically pertain to the identification or management of risks, and therefore do not fulfill the essential function of a risk register.