What is a risk register and what is its purpose?

• A. A static document listing risks and budgets only
• B. A living document that records identified risks, owners, characteristics, and planned responses; used to manage risks.
• C. A template for issue resolution
• D. A log of stakeholder communications

Answer: (B)

A risk register is a living document that captures identified risks along with who owns them, their characteristics (such as probability and impact), and the planned responses. It is kept up to date throughout the project so the team can monitor risk exposure, assign accountability, and adjust mitigation or contingency plans as conditions change. This centralized tool supports proactive decision-making and helps allocate resources to address risks before they materialize, keeping stakeholders informed about what could affect the project and how those risks are being managed.

It isn’t a static list, nor is it simply a budget sheet. It isn’t a template for resolving issues or a log of stakeholder communications. Those other artifacts serve different purposes, while the risk register specifically focuses on identifying, owning, and responding to risks to keep the project on track.