What is a risk register and how is it used?

• A. A log of project budgets and cost overruns.
• B. A document recording identified risks, their probability, impact, owners and mitigation actions; used to monitor and control risk.
• C. A schedule of subcontractor performance.
• D. A list of quality non-conformities.

Answer: (B)

In project risk management, a risk register is a living record that lists identified risks, how likely each risk is to occur, the potential impact on project objectives, who owns the risk, and the actions planned to reduce or respond to it. Keeping this register up to date lets the team monitor risk levels as the project evolves, adjust the probability and impact if things change, assign or reassign ownership, and track the progress of mitigation measures. This helps the project stay proactive—focusing on prevention and response rather than surprises. It isn’t simply a log of budgets, a schedule of subcontractor performance, or a list of quality non-conformities, which are separate tools for cost control, progress tracking, and quality management. The risk register brings identification, assessment, ownership, and action together so risk can be effectively controlled throughout the project.