What is a "risk register" used for?

A risk register is a crucial tool in risk management that serves to document risks identified in a project or organization along with their assessment and associated mitigation strategies. This register helps organizations to systematically track and manage risks throughout the lifecycle of a project or business operation.

The risk register typically contains details such as the probability of each risk occurring, its potential impact, risk exposure levels, and the strategies planned for mitigation or response. By using a risk register, companies can prioritize risks based on their significance and manage them more effectively, ensuring that appropriate measures are in place to minimize negative outcomes.

Other choices do not align with the primary purpose of a risk register. Prioritizing employee tasks relates more to project management and team dynamics than to risk management. Managing financial assets is a function of asset management rather than risk documentation. Evaluating company performance typically involves financial metrics and operational analysis, which are distinct from the systematic identification and analysis of risks.