What is a Risk Register

what is a KeyRisks Register

A central record for identified severe risks, including statements of their likelihood, potential impact and mitigation measures.

Used to communicate changes in risk profiles, inform decision-making, allocate budgets and prioritise resources and reduce uncertainty, unpredictability and complexity.

It is developed on monday.com's highly reputable and affordable cloud platform in a very straightforward process:

gather risk data for:

analytics
predictive modeling
scenario building
simulation

2. calculate vulnerability and severity indicators such as::

hazard Impact
exposure likelihood

3. make informed risk response decisions to:

accept / tolerate

avoid / remove
reduce Impact / likelihood
transfer to insurance, by contract or other means
crisis plan

It provides an objective source of risk knowledge

take a questioning approach

other things you need to ask

Do you know your current total cost of risk (TCOR)?
Is your risk management budget adequate in terms of dealing with all the big threats?
Do you have a cloud “platform” that allows you to collect, access, maintain and communicate key risk issues?
Are you concerned that some of your key risks have gone unnoticed or are underestimated?
Do you currently have the right level of internal capabilities for predicting, measuring and mitigating harmful risks?
Have you assessed the interconnectedness of keyrisks such as breach of contract, cyber and conduct risk
Have you prepared the following in case harmful risk materialises?
1. Business Impact Analysis
2. Incident Response Plan
3. Disaster Recovery Plan / Crisis Management Plan
4. Business Continuity Plan
What happens when something goes wrong – do you learn and share lessons from it?

Note: Total Cost of Risk (or TCOR) is the only accepted measurement of an organization’s entire cost structure as it relates to risk.