The key point here is that the risk register should be a working document that’s reviewed and updated regularly, not something that’s produced once and then filed away, never to be seen again.


Ideally (and depending on the size and structure of the business), each department or business function should create and maintain its own risk register, for the risks that apply to them and that they are able to do something about, with a central risk register for the business-wide or “bigger picture” risks. However, it’s very much “horses for courses” and, at the end of the day, a single risk register is much better than none at all. Whether you plump for one or several, it’s important that each risk register is owned by someone, who is given responsibility for its upkeep.


Hints and tips Accentuate the positive...


When carrying out risk assessments and creating the associated risk registers, most people tend to focus on the negatives. But not all risks are negative – some can be positive. In fact, if it wasn’t for the positive risks, and the ability to successfully exploit them, there wouldn’t be successful businesses.


So it follows that risk management isn’t just about avoiding the bad stuff – it’s also about positive risk taking. It’s about balancing the potential downsides against the potential opportunities. Therefore when carrying out our risk assessments, while it’s extremely important to think about those downsides, we should consider the opportunities as well as the threats.


So why not add an “opportunities” column to your risk assessment flip chart and to your risk registers and think about the potential positives as well as the negatives?


CHAPTER 5 79


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