What is the purpose of a risk register?

A risk register is a crucial tool in risk management that serves to document identified risks, their characteristics, and their current status. By capturing detailed information about risks, including their potential impact, likelihood of occurrence, and strategies for mitigation or response, a risk register enables organizations to have a centralized repository of all the risks they face. This documentation aids in tracking the progress of risk management efforts, facilitating better decision-making, and ensuring that all stakeholders are aware of the risks.

The risk register also typically includes information about risk owners, deadlines for actions, and any updates to the status of each risk, which supports ongoing monitoring and analysis. This proactive approach provides visibility into how risks are managed over time and helps ensure that the organization remains prepared to respond effectively to threats as they evolve.

In contrast, cataloging all assets focuses on asset management and inventory rather than risk specifically. Outlining organizational policies pertains to governance and compliance, which are distinct from the specific focus on risk. Lastly, monitoring team performance does not align with the objectives of a risk register, as it centers on efficiency and productivity rather than risk management and mitigation.