Ft Risk Register


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Tips for an improved Risk Register

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Ft Risk Register

  1. 1. Is the risk register the ultimate tool for Project risk management ? What is a Risk Register ? • A structured database, usually a simple table supported by a spreadsheet, that records risks & opportunities identified by project stakeholders, whatever their nature, origin and impact. It is clearly an extension of FME(C)A tables (late 1940s!) • Not a tool as such for risk management processes as you need to master many other tools and techniques to populate it with data. As the PMBOK®, consider it as a result, an output of risk management processes. What benefits from a risk register? • It is a repository of knowledge for project members… provided they use the proper ID syntax • As any project register, it facilitates monitoring and control • It provides the raw material for upgrading lessons learned • It is the necessary base to build statistical models and develop probability density functions to be used in Monte Carlo simulations (schedule or cost) Issues: • Linking risk register and Risk breakdown structures is necessary but not that easy • There is usually no space available for supporting documents (e.g. claim management) • Risks described by the RR are supposed to be linearly structured: 1cause-1event-1consequence-1action. Unfortunately the project event structure looks more like a butterfly: many causes, one event, many consequences. Major flaw in many RR! • The spreadsheet approach is usually preferred because you can make P x I calculations on each line and ΣPxI rather easily. • Integrate the action register inside the risk register? Pros & cons. If project large and complex, build 2 different registers and link them by the coding of numbers. Therefore: • Make the difference between risk data sheet and risk register • Do not over-simplify the risk register structure for the sake of easy computation. Remember FME(C)A uses: o fault trees to take into account that many causes contribute to a single event o component-subsystem(s)-system approach to structure the assessment. The failure mode of a component is a cause of failure of the sub-system There is no such natural link in Project Risks…unless you build one RR for each system and assume they are unrelated. • Know the limits of your RR. Plan tools, methods or specific effort to address risk linkage in a proper way © Marc Desrumaux www.d-rix.fr 3 mars 2010
  2. 2. © Marc Desrumaux www.d-rix.fr 3 mars 2010