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Risk Register

A documented list of the risks (ie. hazard events) facing an organization, a department within an organzation, an asset class or an individual asset.


Purpose of the Risk Register
The risk register is useful in the following ways:

  • To ensure responsible stewardship
  • To help manage risk
  • To demonstrate due diligence

Components of the risk Register
A risk register typically includes the following components for each risk hazard:
  • The risk identification number
  • The hazard event
  • The cause (of the event)
  • The consequences (of the event)
  • The likelihood (of the event)
  • The risk score
The risk register may also include the following additional elements:



Classification of Risk Registers
Included below are some examples of risk register items

Classification 1: by level.
  • Enterprise Risks
  • Asset Risks
  • Operational Risks
  • Project Risks
Classification 2: by function
  • Financial Risks
  • Social Risks
  • Environmental Risk



Risks by Asset Class
LIsted below are some examples of "events" that could be included in a risk register.

Facilities risks are organized into five categories: a) Asset failure, b) asset degradation, c) asset invasion, d) unexpected human behaviour, and e) misinterpretation by humans.



Process or Developing the Risk Register
Listed below are the key steps in developing a risk register:


Different types of risk registers to capture enterprise risk, asset risk, project risk and operational risk
Fig. Different types of risk registers to capture enterprise risk, asset risk, project risk and operational risk.


Risk-based decision making is at the heart of asset management and this requires mindful consideration of the relationship between the probability of failure (PoF) and the consequences of failure (CoF). The complexities of these correlations can sometimes be captured on a risk matrix.
Fig. Risk-based decision making is at the heart of asset management and this requires mindful consideration of the relationship between the probability of failure (PoF) and the consequences of failure (CoF). The complexities of these correlations can sometimes be captured on a risk matrix.



The relationship between Consequences of Failure (CoF) represented on the vertical (y-axis) and Probability of Failure (PoF) on the horizontal (x-axis) of a criticality/risk matrix.
Fig. The relationship between Consequences of Failure (CoF) represented on the vertical (y-axis) and Probability of Failure (PoF) on the horizontal (x-axis) of a criticality/risk matrix.



I. Care is trying to re-align his building’s magnetic north and thereby use his building as a sundial to cast a shadow to identify all the critical assets
Fig.  I. Care is trying to re-align his building’s magnetic north to geodetic true north and thereby use his building as a sundial to cast the right shadow and identify all the critical assets



The risk spectrum extending along the P-F interval to illustrate the varying strategies in the Pre-P and Pre-F periods. For example, a shift from Time-Based Maintenance (TbM) to Condition-Based Maintenance (CbM)
Fig. The risk spectrum extending along the P-F interval to illustrate the varying strategies in the Pre-P and Pre-F periods. For example, a shift from Time-Based Maintenance (TbM) to Condition-Based Maintenance (CbM).


I. Care is oblivious to the extraordinary events that can totally wipe out his assets and upset the delicate order of things, such as force majeure, acts of God
Fig. I. Care is oblivious to the extraordinary events that can totally wipe out his assets and upset the delicate order of things, such as force majeure and acts of God.

See also:



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