The purpose of this tool is to help you register risk and assess whether a mitigation action is needed.
A risk is any event that can introduce uncertainty in your ability to meet your business objectives. You have certain goals that you want for your business and have a plan in place to achieve those goals, but things can and will go wrong along the way to meeting those objectives. Therefore, it is important that you have a risk management process in place to protect your future. Knowing your risk landscape and your controls are important steps in that process.
The Risk Register includes a registration form and dropbox selections to provide a user-friendly method to register and assess your risks. All dropbox entries can be customized for your organization.
The Risk Register consists of the following entry fields:
| ENTRY FIELD | DESCRIPTION |
| Registered by | System generated based on credential of the user logged into Microsoft Excel. |
| Date Registered | System generated date. |
| Updated By | The person who most recently updated the risk information. |
| Date Updated | The date the risk was last updated. |
| Approved by | The person responsible for approving the registration entry fields. |
| Business Objective | The business objective linked to the risk. |
| Business Process/Activity | The business process linked to the risk and business objective. |
| Risk Number | System generated sequential registration number. |
| Risk Title | The high-level description of the risk. |
| Risk Description | The detailed description of the risk. |
| Risk Owner | The person responsible for managing the risk. |
| Risk Category 1 | Dropbox selection of the risk classification levels applicable for your company. |
| Risk Category 2 | Dropbox selection of the applicable Level 2 category risk types. |
| Risk Category 3 | Self populated applicable Level 3 category risk type . |
| Appetite Level | Dropbox selection of the risk appetite classification levels. |
| Inherent Likelihood | Dropbox selection of the risk likelihood occurrence states applicable for your company. |
| Inherent Impact | Dropbox selection of the risk impact levels applicable for your company. |
| Inherent Risk Level | Dropbox selection of the risk classification levels applicable for your company. |
| Controls Requirement | Yes or No selection of whether controls should be in place for this risk. |
| Control Design | Dropbox selection of assessment of the design of the controls in place for this risk. |
| Control Performance | Dropbox selection of assessment of the performance of the controls in place for this risk. |
| Residual likelihood | Dropbox selection of the risk likelihood occurrence states applicable for your company. |
| Residual Impact | Dropbox selection of the risk classification levels applicable for your company. |
| Residual Risk Level | Dropbox selection of the risk classification levels applicable for your company. |
| Required | Yes or No selection of whether mitigation is needed to lower the risk level for this risk. |
| Mitigation Options | Dropbox selection of risk mitigation options. |
Read this blog post for more information on how to conduct a Risk and Control Self-Assessment: You Developed Your Risk Management Framework – Now What? or watch the following video:
Click here to view this video on YouTube.
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