The Enterprise Risk Register is the primary database used to track, organize, and monitor risks across the organization. It must be structured consistently to ensure data can be aggregated and analyzed accurately. [1]
Standard Risk Register Data Architecture
A professional risk register contains specific data fields for every identified threat:
- Risk Identifier Code: A unique alphanumeric code used to track the risk across corporate systems.
- Risk Description: A clear statement detailing the cause, event, and impact of the threat.
- Risk Owner: The specific executive or manager accountable for monitoring the risk and executing controls.
- Inherent Risk Rating: The baseline likelihood and impact score before applying any internal controls.
- Current Controls Inventory: A list of the specific preventative and detective controls designed to manage the risk.
- Residual Risk Rating: The remaining risk level after accounting for the mitigating impact of internal controls.