Developing a risk register to deliver risk intelligence

This chapter illustrates the necessary steps to develop a risk register and the benefits it can deliver. The concept is also presented though the use of a case study developed in an energy generation company. A risk database, or risk register, is a tool to monitor, review and reduce risks in an organisation. To maintain safe operations organisations are required to continuously review and monitor their risks. A risk register is a central tool to monitor and reduce risks, both those identified during initial safety assessments and those emerging during operations. The chapter aims to develop equivalent severity and frequency scales for different loss types and for application across different business units, such as operations, maintenance, and finance. The division of consequences in categories is one of the central functions of the risk register for helping to judge where money should be mainly invested. The chapter also aims to use the risk register to highlight key business risks to senior management.