Question

at the project kickoff meeting, a team member asks what is the difference between the risk management plan and the risk register. You tell them:

Answer 1

Risk

It is an assumption or possibility of getting harmed or losing something which is very important and valuable for the organization and for the individual as well. Risk management and keeping records risk is very crucial to ensure that the organization or the individual is able to dodge and save itself from the harmful affect from any potential threat.

As per the above scenario let us discuss and understand about the difference between the Risk Management and Risk Register.

•  Risk Management Plan mainly concerns about the identification and finding out the best possible manner to handle any potential threat to the organization but on the other hand Risk Register is mainly concerned with the maintaining the type of risk that has been faced and also the risks that might affect the organization in the future in a particular format.

•  Risk Management Plan helps the organization to deal with the issues and threats that are currently in the market that can be very harmful for the organization, But on other hand Risk Register acts as a guide book which tells that which kind of risks have been and are going to faced by the organization and also tells that how to deal with such issues and threats.

• Risk Management Plan almost remains the same and tells the organization about the nature of the risk and as far as the Risk Register is concerned it mainly keeps on updating due to different situations in which the organization faces in the particular financial year.

•  Risk Management plan is a the face of the risk management but on the other hand Risk Register is just a tool under the Risk Management system which tells about the different issue and how to deal with them.