independent project manager

PM/490 v2

Risk Register

PM/490 v2

Page 2 of 2

Risk Register

Complete the Risk Register and Analysis below.

Part 1: Risk Register

In the Risk Name column, identify 7 project risks that are most likely to occur and could have the most impact. Note: Do not combine individual risks into one and do not separate individual risks into multiple risks.

In the Risk Description column, describe each risk and its area of impact in approximately 20–50 words.

In the Risk Probability column, indicate the probability of the risk occurring at the current state based on the following criteria:

· High: 75% or greater chance

· Medium: 25%–74% chance

· Low: Less than a 25% chance

In the Risk Impact column, indicate the level of impact on the organization if the risk occurs based on the following criteria:

· High: Extremely negative and harmful impact

· Medium: Negative impact with some harm

· Low: Manageable negative impact

In the Risk Response Strategy column, list the risk response strategy (Accept, Avoid, Mitigate, or Transfer) for each identified risk.

· Accept: Explain why you will not actively try to control the risk and what resources must be reserved in case the risk occurs.

· Avoid: Describe how you will remove the risk by eliminating the cause or selecting an alternative.

· Mitigate: Detail how you can minimize the impact of the risk within acceptable limits.

· Transfer: Explain how you can reduce direct impact of the risk on the project by shifting all or part of the risk to a third party, such as a vendor or insurer, recognizing there is a cost to transfer.

In the Risk Response Description column, explain the reason or approach for the selected risk response strategy (depending on type of risk response that was selected for each risk) in approximately 20–50 words.

In the Risk Owner column, identify the owner of each risk who would be responsible for the response when the risk occurs. Refer to the stakeholder register you created in the Week 2 summative assessment.

Risk Register

Risk Name	Risk Description	Risk Probability (High/Medium/Low)	Risk Impact (High/Medium/Low)	Risk Response Strategy (Accept/Avoid/Mitigate/Transfer)	Risk Response Description	Risk Owner

Part 2: Analysis

Respond to the following in approximately 350–700 total words. Be sure to use section headings for your response.

· Summarize the impact of the identified risks. Explain how you determined the impact.

· Explain the project management principles and processes you used to determine the risk response strategy.

· Select 2 risks from the risk register to use as an example. For each of these 2 risks, explain the corrective and preventive actions you could implement to mitigate or change the impact of the risk. Explain how you will monitor the actions you implement.

· Describe how you would communicate these risks and their response strategies to the rest of the project team.

Copyright 2025 by University of Phoenix. All rights reserved.

Copyright 2025 by University of Phoenix. All rights reserved.

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