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I’ve been busy with a move, which is a project of its own, but I’ve finally finished unpacking, and consider this moving project officially CLOSED.   So today I am resuming my daily task of summarizing the contents of the 6th Edition PMBOK® Guide, and I left off at describing the outputs of the process 11.2 Identify Risks.

11.2.3 Identify Risks:  Outputs

11.2.3.1 Risk Register

This document is similar to the stakeholder register in that it is created in one process, but is elaborated on during other processes throughout the course of the project.   The risk register captures identified individual project risks.   These risks after being identified will need to be identified, analyzed both quantitatively and qualitatively, and then risk responses will have to be developed for them in later processes.   In this first process, the risks need to be identified, but if any information on risk owners (risk responses is available, it can be added at this point to be confirmed in later processes. Risk owners are those who have responsibility for monitoring and controlling those particular risks to which they are assigned, and implementing a risk response if the risk is triggered.

Here are the elements the risk register should include:

• List of identified risks–it should be given a unique identifier in the risk register, and it should be described in detail, including their cause and their potential effect on the project.
• Potential risk owners–if a potential risk owner can be identified at this point, the risk owner is recorded in the risk register.   This is confirmed in process 11.3 Perform Qualitative Risk Analysis.
• Potential risk response–if a potential risk response can be identified at this point, the risk response is recorded in the risk register.   This is confirmed in process 11.5 Plan Risk Responses.

11.2.3.2  Risk Report

This is a new output for this process in the 6th Edition PMBOK® Guide.   As the various risk processes are completed, the results are included in the risk report.   The important results for this process that need to be concluded are:

• Sources of overall project risk, which may be obtained from the project charter.
• Summary information on individual project risks listed in the risk register, such as:
  • Number of identified threats and opportunities
  • Distribution of risks across risk categories (based on source of risks)
  • Any metrics and trends to be used in future risk reports

11.2.3.3.  Project Documents Updates

• Assumption log–if in identifying risks, any new assumptions are made, or new constraints are identified, the assumption log should be updated with this new information.
• Issue log–any new issues uncovered during this process of identifying risks should be added to the issue log.
• Lessons learned register–any techniques that were effective in identifying risks should be added to the lessons learned register in order to improve performance in later phases of the project.

The next process will start the analysis of the risks listed in the risk register.

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