Project Management

Risk Register

A tracked list of project risks with likelihood, impact, ownership, and mitigation plans.

A risk register is a structured log of identified project risks. Each entry typically includes: risk description, category (technical, schedule, financial, regulatory, weather, etc.), likelihood (low/medium/high or 1-5 scale), impact (cost or schedule magnitude), risk score (likelihood times impact), owner, mitigation plan, contingency reserve, and status. The register is reviewed at recurring project meetings; new risks get added, existing risks get re-scored, and closed risks get archived.

Risk registers shift from theoretical to actionable when they drive contingency budgeting and trigger pre-defined responses. A risk scored at 30% likelihood with $200K cost impact carries an expected value of $60K, which justifies $60K of contingency reserve. When the trigger fires (the risk becomes near-certain), the pre-planned mitigation kicks in immediately rather than the team having to invent a response under pressure. On small commercial projects the risk register is often informal; on larger projects it is a contract deliverable.

Frequently asked questions

What goes in a risk register?+

For each risk: description, category, likelihood, impact (cost and schedule), risk score, owner, mitigation plan, trigger conditions, contingency reserve, and current status. Updated at recurring project meetings; new risks added, existing re-scored, closed risks archived.

Who owns the risk register?+

Typically the project manager, with input from owner, designer, GC, and key subs. Each individual risk is assigned to a specific owner responsible for monitoring trigger conditions and executing the mitigation plan. Without individual ownership, the register becomes a dormant document.

How does the risk register tie into the budget?+

Quantified risks justify contingency reserves. A risk with 30% likelihood and $200K impact carries $60K expected value, supporting $60K of contingency budget for that specific risk. Contingency that maps to identified risks is far more defensible than a single percentage-of-cost contingency line.

Related terms

Contingency

A reserve fund within a project budget for unforeseen costs and scope clarifications, typically 5 to 15% of contract value.

Baseline Schedule

The original approved project schedule used as the benchmark for measuring delay, acceleration, and progress.

Kickoff Meeting

The formal start-of-project meeting between owner, designer, and contractor to align on scope, schedule, communication, and procedures.

Change Order

A written modification to a construction contract documenting added, deleted, or altered scope plus price and schedule impact.