How to use a risk register template
- Identify potential risks. Bring together your board and senior team to identify hazards and other risks - financial, operational, reputational, or compliance-related.
- Categorise each risk. Group risks by type so your board can see where exposure is concentrated.
- Score likelihood and impact. Rate each risk 1-5 on both scales, then multiply the two to get a risk score. This scoring process helps with risk assessment so you can assess and prioritise risks before they occur. This approach reflects widely used project risk management practice, as described in PMI's guidance on risk management.
- Assign an owner. Every risk needs a named person responsible for managing it, with clear responsibilities rather than a team or a job title.
- Document a mitigation strategy. Set out exactly what control measures will be used to reduce exposure and, where possible, eliminate the risk.
- Review and update regularly. A risk register is only useful if it reflects reality - regular reviews should form part of your wider processes, so revisit it at every board or committee meeting, retire risks that have passed, and add new ones as they emerge.
Risk register tips
- Update it regularly. A risk register that's reviewed only once a year quickly falls out of date.
- Share a weekly top 5 risk list. Give stakeholders a short update on the five risks needing the most attention that week.
- Assign clear ownership. Every risk should sit with a named person, not a department, and relevant stakeholders should be kept informed when details change.
- Keep descriptions concise. Write risks in plain language your whole board can understand at a glance.
- Review at every milestone. Build the risk register into your standing board or committee agenda rather than treating it as a once-off exercise.
- Connect risks to actions. An effective risk register needs a practical framework for follow-through, so once a mitigation strategy is agreed, track the resulting actions through to completion so nothing falls through the cracks.
For a board-level perspective on risk oversight, see the Governance Institute of Australia's guidance on risk management.
FAQs
What is the purpose of a risk register vs a risk management policy?
A risk management policy sets out how your organisation approaches risk: who is accountable, how much risk the board will accept, and how risks are identified, assessed, and escalated. A risk register puts that policy into practice by recording each risk, scoring it, naming its owner, and tracking the actions to manage it, so the board can see at a glance what could go wrong and whether it’s under control.
What is a risk register template and what should it include? A risk register template is a structured document for listing and tracking risks. A project risk register template should include a risk ID, description, category, likelihood, impact, risk score, mitigation strategy, owner, status, and when the risk was identified for each risk.
How do you score risk likelihood and impact? Rate both likelihood and impact on a 1-5 scale, then multiply the two figures together to get a risk score. Higher scores indicate risks that need attention first.
What are the common risk categories in a risk register? Most risk registers group risks into categories such as financial, operational, strategic, compliance, and reputational, though different industries may need categories for health or system-related risks as well.
How often should a risk register be updated? A risk register should be reviewed at every board or committee meeting, with new risks added and resolved risks closed off as circumstances change.
Who should own each risk in a risk register? Each risk should be assigned to a single named individual, not a team or job title, so accountability for managing and reporting on it is clear.
Is BoardPro's risk register template free to use? Yes. The Excel risk register template is a free download.
Can I customise BoardPro's risk register template for my organisation? Yes. You can create a format that matches your processes, risk categories, scoring scale, and reporting cadence to prepare for reporting or audits.
Does BoardPro help manage risk beyond the template? Yes. BoardPro's Decision Register supports a broader framework for stakeholders by tracking the decisions and actions that come out of risk discussions, so mitigation strategies stay visible across the ongoing project lifecycle.
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