Risk register
Risk register

The following Risk & Compliance precedent provides comprehensive and up to date legal information covering:

  • Risk register

Please click for the Precedent risk register.

Please note that this register has been prepared in Excel and it therefore cannot be downloaded to Word.

What is a risk register?

A risk register is a tool for collating and managing all your risk information in one place. To formulate an effective risk register, you must first identify the risks your firm faces. It is also helpful to have an understanding of your organisation’s appetite for risk. The risk register then enables you to categorise each risk the organisation faces, score each risk and then decide on your response to each risk, eg reject or accept and, if the latter, control or mitigate the risk.

Depending on the size and nature of your business, you may consider having a register for each department or type of risk, with the priority risks then rolling up into an overarching register.

For a Sample privacy risk register, see Precedent: Privacy risk register.

Identifying risks

To formulate an effective risk register, you must first identify the risks your firm faces. See Precedents:

  1. Risk appetite statement—this can be used to record your organisation's overall tolerance for risk and its appetite for different categories of risk

  2. Risk questionnaire—this should be completed for each department (including legal/compliance), by a subject matter expert for that department

  3. Risk audit—this Precedent provides a structure for analysing the various risks your

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