The Procurement Glossary » Risk Register

Risk Register

Compliance & Risk

Definition

A structured record of identified risks with their likelihood, impact, owners and mitigation actions.

Explanation

The risk register turns risk management into a tracked, accountable process. In procurement it logs supplier, supply, compliance and contract risks, prioritises them, and records the actions taken to reduce them.

Example

The register rates a sole-source dependency as high risk, with 'qualify a second supplier' as the mitigation.

Related terms

• Supply Risk — The risk that supply of a good or service is disrupted, constrained or made more costly.
• Risk Assessment — The process of identifying risks and evaluating their likelihood and impact to prioritise mitigation.
• Business Continuity Planning (BCP) — Planning to keep critical operations running, or recover them quickly, when disruption strikes.
• Supplier Risk — The exposure a buyer faces from a supplier's potential failure — financial, operational, compliance or reputational.

Frequently Asked Questions

What is Risk Register?

A structured record of identified risks with their likelihood, impact, owners and mitigation actions. The risk register turns risk management into a tracked, accountable process. In procurement it logs supplier, supply, compliance and contract risks, prioritises them, and records the actions taken to reduce them.

Can you give an example of Risk Register?

The register rates a sole-source dependency as high risk, with 'qualify a second supplier' as the mitigation.

Back to the procurement glossary | Procurement concepts | Contact us