- Amina Baba Manu

What is a Risk Management Register?

A risk register is a way to build a comprehensive picture of the most serious risks facing an organization at any given time. It should be built from the ground up, with each country office and each functional area of the organization (e.g., program, legal, communications) conducting an exercise to identify and rank the risks they face in all categories. These in turn inform the organization-wide risk register, which is compiled at the central level at least once per year.

A risk register is a tool for risk management that can help compile a list of possible risks that might have an impact on the organization and its operations. It explains each risk’s characteristics, level of severity, potential counter-measures, and risk “owners.”

The risk register is a useful tool for compliance, but it works best when combined with other risk management frameworks, instruments, stakeholder buy-in, corporate culture, and risk awareness.

Important Words:

Threat: A possible cause of injury or loss or a danger.

Risk: The possibility and possible consequences of coming across a threat.

A systematic approach of anticipating, evaluating, and preparing for potential hazards in order to reduce their impact is known as risk management.

Risk categories: Organizations classify and organize different kinds of risk in different ways. Below is an example of classification of risks for NGOs.

Probability: The likelihood that such a risk happening.

Severity: The level of impact the risk will have on the organization. How bad the outcome of a risk will be on the organization.

Risk Owner: The senior staff in the organization who is responsible for identifying, assessing, and mitigating risks. the risk owner’s role is to ensure that risk are mitigated against and if they occur, they are addressed on time. Plays a vital role in ensuring that potential threats are identified and addressed in a timely manner.

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