Risk Register — definition
Documented log of identified project risks, including likelihood, impact, ownership and mitigation actions, maintained and reviewed throughout project execution.
A risk register typically categorises risks by type, such as technical, schedule, commercial or safety, and assigns an owner responsible for monitoring and mitigation. It is reviewed periodically during project governance meetings and updated as risks materialise, are mitigated or new risks emerge.
Why it matters to industrial buyers
Maintaining a live risk register improves the ability to anticipate and mitigate issues before they affect cost or schedule, rather than reacting after impact.
Key reference points
Common fields
Typically records risk description, probability, impact, mitigation action, owner and status.
Review cadence
Risk registers are commonly reviewed at each project governance or steering committee meeting.
Commonly confused with
Change order
A risk register tracks potential future issues before they occur; a change order documents an actual agreed modification to contract scope, cost or schedule.
How it is used in practice
The risk register flags a long-lead component as a schedule risk, with the project manager assigned to monitor supplier progress monthly.
Frequently asked questions
Who is responsible for maintaining the risk register?
It is typically maintained by the project manager, with input from technical, commercial and site teams.
How often should a risk register be updated?
It is commonly updated at each major project review, and immediately when a significant new risk is identified.
Go deeper on the platform
Related terms
Project Governance
Structure of roles, decision rights, reporting lines and controls established to oversee an industrial project from approval through completion.
Change Order
Formal document recording an agreed modification to contract scope, cost or schedule after the original contract has been signed.
Critical Path Method (CPM)
Scheduling technique that identifies the longest sequence of dependent activities determining the minimum possible duration of a project.
Stakeholder Management
Structured process of identifying, engaging and communicating with parties who affect or are affected by a project, including buyers, suppliers, regulators and local communities.
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Reference content only. Global B2B Group is independent of equipment manufacturers and financing institutions; definitions are provided for education and do not constitute engineering, financial or legal advice.