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The Risk Register is part of Stage 4: Delivery of the project lifecycle and working towards approval at Gateway 4: Readiness for service.
The Project Manager is responsible for the reporting, monitoring and managing of the project Risk Register. Before going to the Board for approval, the Project Manager must obtain the Project Sponsor/Executive sign-off.
A risk is defined as an uncertain event or set of events, that should it occur, will have an effect on the project and its deliverables. A risk can be seen as a threat to the project or an opportunity for consideration by the Board. It is therefore important for every project to manage its risks and the Risk Register is an important component of the project's management and control mechanism. It is the record of all identified risks relating to the project. Each risk is reported by status in terms of severity, its potential impact to the project and the likelihood of the risk occurring. The Risk Register must be managed by the Project Manager and updated on a regular basis.
The appointed Board will have accountability for the review of the Risk Register and be required to assess the severity of the risks and provide support for appropriate resolution.
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