Risk register in the Risk Workspace

The risk register contains the information about identified risks, results of risk analysis such as risk scores, and risk response plans. The risk register enables you to monitor and control the risks of your organization.

A risk register is a crucial risk analysis tool used in enterprise risk management. It is a record of information of identified risks. A risk register is used for regulatory compliance and keeps risk managers updated about the enterprise risks. It is important to regularly monitor risks and responses. A risk register simplifies this task by showing at a glance:

• Which risks exist?
• Which risks are the most threatening?
• How must the enterprise deal with those risks?
• Should some risks be accepted?
• What is the mitigation plan?

To view the Risk Register, navigate to Risk Workspace > Risk assessments > Risk Register

The components of the Risk Register are the following:

• Entities that are assessed for risks.
• The risk assessment methodology that is used for risk assessment.
• The assessor of the risk assessment
• The risk assessment scores for:
  • Inherent risks
  • Control effectiveness
  • Residual risk
• The risk responses for each risk.