Top five benefits of creating comprehensive IT Risk Register

1. It enables the time, cost, and technical risk analyses and the risk reduction and risk transfer planning to be undertaken and carried out, and a configuration controlled document to be created and maintained throughout the project life cycle.

2. Provides a central repository of knowledge around which risk management can be built.

3. Forms the basis of the required outputs from risk work, namely the risk analysis paper, the risk management plan and the risk mitigation plan.

4. Provides an audit trail, so that decisions made can be traced back to the assumptions, judgements and calculations on which they were based.

5. Forms an important interface with subsequent phases of the project, which take up the risk management plan.