Question

During successive stages of risk planning, the risk register can best be described as a document that is:

stable to avoid losing track of key risks

limited to risks that merit risk responses

living document or database that is freguently updated

Answer 1

Living document or database that is frequently updated.

Any process however well planned, can always encounter unexpected problems. However well prepared we may be for unexpected events it is essential that a process be clearly laid out for tackling such events to minimize subsequent losses, tangible or intangible. Any unexpected event or condition that affect the outcome of a process can be termed as a risk. Risks may need to be handled with utmost care, through identification, monitoring and immediate action to control resultant damage as they can have vast negative impact on the sustenance and growth plans of the organization. A risk register helps to make the process of risk management extremely efficient by providing comprehensive and easily accessible information on every risk requiring effective management by provision of all required details such as action taken, its efficacy and status of the risk to facilitate effective decision making with regards to required action for further control and change in strategy if required. The risk register is constantly updated and modified to provide live status on every risk and also ensure every new identified risk is recorded adequately to ensure effective management which is the major utility of the risk register.