Template of Risk Register
Originally published: 06/05/2020 08:15
Last version published: 07/05/2020 16:00
Publication number: ELQ-12534-2
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Template of Risk Register

A Risk Register for preventing risk by promoting change

Even a correct decision is wrong when it is taken too late.

We all know that Risk Registers are used to gather information about identified hazards and risks, their nature and level of impact to the business as well as document immediate corrective actions (which serve as mitigating measures).

What is often over looked is the fact that a risk registers are more than just handy lists.

They are tools that capture and enable a systematic approach to risk management.

We have customized Template of Risk register in 2 phases:
Phase I - Risk Identification to Mitigation measures
Phase II - Risk Valuation

Risk Identification

Risks can be identified through by a number of different means. From brainstorming in the boardroom right through to mini risk assessments undertaken by individuals or teams in the field.

It is important to remember that the complexity or severity of the risk should not dictate how the risk is described. All risks should contain enough descriptive to offer an overall understanding of exactly what the risk is. For example “Hazardous chemicals” does not elaborate on what risks are associated with working with chemicals. Instead the descriptive could read “Burn prevention when working with hazardous chemicals.”

Risk Matrix Rating

Once a risk has been identified, risks are rated on the likelihood of an event happening as well the consequence should an event occur.

Risk ratings in turn are then used to highlight high risk activities as well as prioritize response or investigative actions. They are then used to ensure adequate measures are undertaken to monitor and maintain control over the identified risk. Risk ratings also help determine which hierarchy of control to use when mitigating or controlling the risk i.e. elimination, substitution, isolation, engineering or administrative.

Risk Management

After a risk has been identified, rated and controlled (if required), the next step is automatically transfer the risk’s details to the risk register.

Here managers are able to review and even re-evaluate the risk, implement additional resources, controls or changes, identify new or re-occurring trends and training opportunities, as well as assign close out or corrective actions.

Reviews of risk registers can also help for following reasons:
1. Identify potential behavioural trends or environmental issues
2. Identify and capture risks that may be subject to legislation or business changes,
demonstrate to others (regulators, investors, company stakeholders and others) that risks are being managed.
3. Design controls or mitigation measures to reduce or remove the risk(s) before they occur, document better safe work procedures, achieve safety objectives, and drive continual improvements

Risk registers are so much more than just lists of issues.

This Best Practice includes
Excel template of Risk Register

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Further information

Objectives of Risk Register are as below:

Risk Register covers risks of Business Risk, Regulatory and Compliance Risk, Legal Risk, Operational Risk, Strategic Risk, Environmental and Safety Risk.
Risk Register enables a company to brainstorm and identify all possible and potential risks and subsequently associated components against said identified risks (such as Risk Value, Impact, Control or Mitigating measures, Risk Owner etc.)

A risk register is the baseline document for the process of managing risk. It is a means of visualizing a company’s risks within a table or template so that risks can be better understood and dealt with by a Management Team. It allows risks, their likelihood and preventive measures for each risk to be recorded

Whenever an important decision is made within a company, the risk register is referred to.

Whenever something unfamiliar is being dealt with within a company, again the risk register should be referred to.

This is how the risk register is used, as a familiar tool that any member of a company can come back to ensure they can make the right decisions with a clear and focused mindset and without the need for a boss or authoritative figure being at hand. It therefore also reduces the time needed for teams to carry out tasks, improving the efficiency and productivity.

Risk Registers become more and more effective as they are used more frequently within a company. Information about the uncertainty of a previous risk would allow a Management to make a more educated decision about how to deal with the risk, therefore increasing their own knowledge about these risks.

Template of Risk Register applied is best for Proactive and Forward looking Management of organization.

Documentation of Risk Register serves as an attempt to reduce the likelihood of the risk occuring or the impact if the risk does occur. This places a mechanism in place to collect potential risks and map out a path to get operations of organization on track in case of risk become realities.

The best example of contingency can be considered as COVID19 situation across globe and complete lock-down of economy due to the same. However, identification of such potential or probable risks (which is RISK OF CRISIS MANAGEMENT) enable organization to manage such unforeseen events in a better manner. The documentation of risk is vital for success of company / organization since it gives a single place to identify the risk, note its history—from where it first occurred to where you finally resolve it—and even tag the risk to the person who identified it and owns its management. By documenting this process in a register, you’re less likely to lose track of risk over the operations of organization / company, which means the risks aren’t turning into real issues that are running rampant out of sight and threatening the success.

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