In the previous two chapters, we took a detailed look at one of the key documents that is created/updated throughout project risk management “The Risk Register”. Let us now quickly summarize what we have learnt so far about the risk register.
• The risk register contains the list of all risks that have been identified as well as its details like description, owner, category, root cause, probability & impact etc
• The risk register is an input to 4 of the 6 risk management processes and an output of 5 of the 6 risk management processes, making it the document that is going to contain the most up-to-date information reg. all the project risks
• The risk register is created in the Identify Risks process and is updated in all the other processes
• The risk register contains the up-to-date status information of all the risks including who is responsible for it, the proposed response, the owner of the risk, the actual outcome etc
• Not all risks are analyzed in the quantitative risk analysis phase. Only those risks that are selected as “Requiring further analysis” in the qualitative analysis phase are analyzed in this phase
• A watch list has to be constantly monitored to ensure that those lower priority risks don’t become near-term threats
• Updating the actual outcomes (even if they are failures) can help us in the future. It can also help other project managers who may work on similar projects in our organization.
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