Corporate Risk Register Example [+Free Template]
Published: February 9th, 2021
Author: Matthew Quinn
Categories: Risk Management
Many organisations think of risk management as something for specialist teams only. While it is important to have experts involved in the process, it cannot be left to them alone. Individuals from across the business should be involved – from the board and senior management team down to junior employees. A corporate risk register can be an invaluable tool in pulling all this together.
But what exactly is a corporate risk register, and how can it help?
This article will break down the key points, and includes a free template to help you get started.
What is a corporate risk register?
A corporate risk register is a record of all your organisation’s business risks. Unlike a subject or domain specific risk register (e.g. for a single project) a corporate risk register incorporates risks from across your organisation.
The advantage of this approach is that you can view your risks ‘in the round’. For example, assessing risks from across the business allows you to spot interrelated risks. E.g. how the risk of losing customers may be down to a risk in your tech department.
It also helps you to spot risks you otherwise would have missed. Many organisations tend to focus their risk management practice only on the ‘riskiest’ departments or activities. Those that could lead to regulatory fines or reputational damage. E.g. Information Security or Financial risks.
While such risks should be managed, they are not the only ones that could have a significant impact. For example, an HR risk may lead to the loss of key staff. While an untreated risk in your customer support function could lead to a loss of customers.
How can I get started?
We have previously looked at how to Create a Risk Register in one of our other blogs. However, if you don’t have time to create one from scratch, you can use our free template below.
It includes fields to help you capture the most important information. But feel free to add additional columns, etc. as fits your specific needs.