Purpose of a Risk Register:
A risk register consolidates all identified risks, their status, and mitigation actions in one place. It serves as a tool for tracking and managing risks systematically.
Facilitating Risk Management Functions:
By documenting risk scenarios, a risk register provides a comprehensive view of potential threats and their impact on the organization.
It enables effective communication and review of these scenarios with stakeholders, ensuring that all relevant parties are aware of and understand the risks.
Engaging Stakeholders:
Reviewing the risk register with stakeholders helps in validating the risks, assessing their impact, and determining appropriate responses.
It fosters collaboration and ensures that risk management activities are aligned with the stakeholders' expectations and the organization's objectives.
Comparing Other Functions:
Analyzing Risk Appetite:While important, this is not the primary function of a risk register.
Influencing Risk Culture:The risk register contributes to risk culture but is primarily a tracking and communication tool.
Articulating Senior Management's Intent:This is more related to policy and strategy documents, whereas the risk register is a practical tool for managing specific risks.
References:
The CRISC Review Manual highlights the role of the risk register in consolidating risk information and facilitating stakeholder engagement (CRISC Review Manual, Chapter 2: IT Risk Assessment, Section 2.6 Risk Register) .
