Risk Register Template and Guide

Risk Register Template and Guide

Purpose

A risk register is the central repository for documenting identified risks, their assessments, controls, and treatment plans.

Risk Register Structure

Core Fields

| Field | Description | Example | |-------|-------------|---------| | Risk ID | Unique identifier | OPS-001 | | Risk Title | Brief descriptive name | System outage risk | | Risk Description | Detailed risk statement | Risk that... due to... resulting in... | | Risk Category | Taxonomy classification | Operational - Technology | | Risk Owner | Accountable individual | CTO |

Assessment Fields

| Field | Description | Scale | |-------|-------------|-------| | Inherent Likelihood | Pre-control probability | 1-5 | | Inherent Impact | Pre-control consequence | 1-5 | | Inherent Risk Score | L × I calculation | 1-25 | | Control Effectiveness | Control strength | 0-100% | | Residual Likelihood | Post-control probability | 1-5 | | Residual Impact | Post-control consequence | 1-5 | | Residual Risk Score | Post-control score | 1-25 |

Control Fields

| Field | Description | |-------|-------------| | Key Controls | Primary mitigating controls | | Control Type | Preventive/Detective | | Control Owner | Responsible party | | Last Tested | Control test date |

Treatment Fields

| Field | Description | |-------|-------------| | Risk Response | Accept/Mitigate/Transfer/Avoid | | Action Plan | Remediation activities | | Action Owner | Responsible party | | Target Date | Completion deadline | | Status | Open/In Progress/Closed |

Monitoring Fields

| Field | Description | |-------|-------------| | KRIs | Key Risk Indicators | | Review Frequency | Monthly/Quarterly/Annual | | Last Review | Date of last update | | Trend | Increasing/Stable/Decreasing |

Risk Statement Format

Three-Part Structure

"There is a risk that [EVENT] may occur due to [CAUSE], resulting in [CONSEQUENCE]."

Example: "There is a risk that a data breach may occur due to inadequate access controls, resulting in regulatory penalties and reputation damage."

Maintenance Best Practices

• Quarterly review minimum
• Trigger-based updates
• Clear ownership
• Consistent scoring
• Version history
• Audit trail

Common Mistakes

• Vague risk descriptions
• Outdated information
• Inconsistent scoring
• Missing controls linkage
• No action follow-up