Project management risk register template

Use risk scores as your starting point, focusing first on high-impact/high-probability items. Then consider factors like timing (when might the risk occur?), trigger proximity, and mitigation complexity. Some lower-scored risks might need attention because they could trigger quickly or affect critical path activities. The priority ranking field helps formalize this decision-making process.

Risk mitigation involves taking active steps to reduce either the probability or impact of a risk, while risk acceptance means acknowledging the risk exists but taking no action. Use the mitigation strategy field to document your approach. Mitigation typically requires resources and specific actions with deadlines, while acceptance is appropriate for risks with minimal impact or prohibitively expensive countermeasures.

Write clear, specific descriptions that explain both the risk event and its potential consequence. Instead of “Software delay,” write “Delay in software development may postpone user training by two weeks.” Good descriptions allow team members to understand exactly what might happen and why it matters. Avoid vague terms and focus on the specific threat to project objectives.

While designed primarily for threats, you can adapt this template for opportunities by interpreting the impact ratings as positive effects. Use the risk category field to identify these as “opportunities” and develop enhancement strategies rather than mitigation plans. The action owner and due date fields work equally well for tracking initiatives to capture potential benefits.