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Risk register A risk register will help you to review your risk measures and to communicate progress to other personnel. The register documents the risk details, the current position of each risk and the effects each has had. Carrying out risk tasks should be a daily routine for any project manager and will keep you on top of both current risks and any new situations of risk that may arise through a project. A risk register includes: •Risk descriptions•Ownership issues of risk•Basic analysis for cause and effect. This will enable you to track the risks involved and to moderate tasks as required. It will also allow you to update the status of the risks so that the information is current to all. Look to see if the risk result has disappeared as a result of the treatment plans performed or if a new risk has emerged as a result. It is helpful to log any new risks and needs that evolve over time. Measures of success Measures of success may include: •Costs •Reductions in impact
•Reductions in likelihood •Reductions in occurrence. Recognize the results gained It is important to communicate to all staff that accurate and valid records are needed for all risk management processes, including any reviews of treatments made for risks and the outcomes. Reviews need to be performed regularly and should contain all relevant personnel contributions. They need to be clear on the facts and be accessible by all who are, and want to be, involved in the risk management process. A review can be used to further implement changes and to improve processes. Reviews should be made with stakeholders and relevant staff. Monitoring risk Make sure that you monitor risks on a continual basis. Changes can occur as work progresses and your initial risk management strategy or processes may need adjusting over time. It is prudent to make risk management a part of your regular work with your team and make time to discuss this at team meetings. Look to integrate risk management processes within your area of operation and encourage a working environment that seeks to maximize the opportunities and diminishes the risks. Record your findings in a format that highlights any issues in a concise manner and makes it easy to focus on the points required. Risk monitoring and reporting involves a process of regular review to ensure that: •new risks are identified and considered as they arise •existing risks are monitored to identify any changes that may impact the organisation •new risk controls are being implemented •existing risk controls are still in place and working effectively •information about risks is adequately communicated.
All risks rated as moderate, significant or high in the risk identification process will be reviewed by the risk management policy committee regularly. This review will be via either: •the risk manager reporting on new risks identified by staff during the course of their work since the last committee meeting •