Question

Which of the following is the purpose of a risk register?

A. To define the level or risk using probability and likelihood
B. To register the risk with the required regulatory agencies
C. To identify the risk, the risk owner, and the risk measures
D. To formally log the type of risk mitigation strategy the organization is using

Answer 1

The purpose of a risk register is to identify risks, designate a risk owner, and outline risk measures. It is a critical component of project and risk management, aiming to document and manage risks associated with a project.

Step-by-step explanation:

The purpose of a risk register is C. To identify the risk, the risk owner, and the risk measures. A risk register is a tool used in project management and risk management that helps in identifying, documenting, and managing risks associated with a project or business operation. It is not for the purpose of registering the risk with regulatory agencies or formally logging the type of risk mitigation strategies, though information about the chosen strategies may be included within the register.

A risk register will typically include:

• Description of the risk
• Risk owner responsible for managing the risk
• The likelihood of the risk occurring
• The impact of the risk if it does occur
• Proposed risk measures or response plans
• Status updates on the risk management efforts