What is the function of a risk register?

The function of a risk register is to document identified risks and management strategies. This tool serves as a central repository where all potential risks related to a project are recorded along with their assessment and the strategies devised to manage them. It allows project managers and stakeholders to understand which risks have been identified, their potential impact, likelihood of occurrence, and the measures in place to mitigate them.

Essentially, a risk register provides visibility into the risk management process, ensuring that all team members and stakeholders have a clear understanding of the risks involved and how they are being addressed. By maintaining a detailed record, the risk register helps organizations proactively manage risks, making informed decisions that ultimately support project success. Having all this information in one place enables teams to monitor risk status over time, adjusting strategies as necessary to adapt to new challenges as they arise.

Other choices, such as managing project budgets or tracking team performance, do not encapsulate the primary purpose of a risk register, which is exclusively focused on risk identification, documentation, and management strategy implementation. While these activities are important for project management overall, they fall outside the specific purview of what a risk register is designed to achieve.