Risk Management 101 for IT Professionals Essential Concepts - What Is Risk Register

The video tutorial explains the concept of a risk register, which serves as a repository for tracking risks and issues in risk management. It highlights the importance of prioritizing risks and describes different types of risk registers, from simple spreadsheets to complex commercial software solutions. The tutorial also discusses the varying maturity levels of risk management processes within organizations and provides a practical demonstration of using a risk register with sample risks.

What is the primary purpose of a risk register?

• To store financial data

• To track and manage risks and issues

• To manage employee performance

• To record customer feedback

Why is it important to prioritize risks in a risk register?

• To avoid dealing with any risks

• To focus on the highest priority risks first

• To make the register look more organized

• To ensure all risks are treated equally

What factors determine the complexity of a risk register?

• The maturity of the risk management process

• The size of the organization

• The type of industry

• The number of employees

What is a COTS solution in the context of risk registers?

• A risk management strategy

• A type of spreadsheet

• A commercial off-the-shelf software

• A custom-built software

What will be demonstrated in the practical application section of the video?

• How to input sample risks into a risk register

• How to delete risks from a register

• How to create a risk register from scratch

• How to use a risk register for financial analysis