There are several types of information that you should track about a risk in order to effectively manage and mitigate that risk. Some key pieces of information to track include:
- Risk name: A brief description of the risk.
- Risk description: A more detailed description of the risk, including its causes and potential consequences.
- Risk category: The category or type of risk, such as financial, operational, compliance, reputational, cybersecurity, human resource, or legal risk.
- Risk likelihood: The probability that the risk will occur, often rated on a scale of 1 to 5.
- Risk impact: The potential consequences of the risk, often rated on a scale of 1 to 5.
- Current risk status: The current status of the risk, such as new, in progress, mitigated, accepted, or closed.
- Risk owner: The individual or department responsible for managing the risk.
- Mitigation strategy: The strategy or approach that is being used to manage or mitigate the risk.
- Mitigation steps: The specific actions that are being taken to manage or mitigate the risk.
- Target completion date: The date by which the risk management efforts are expected to be completed.
Tracking this information about a risk can help an organization to understand the risk profile and allocate resources appropriately to manage and mitigate the risk. It can also help the organization to track progress on risk management efforts and make adjustments as needed.