Risk Register

Eliminate spreadsheet risk registers with a single, easy to use table for project & program risks.

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Risk Register

Eliminate spreadsheet risk registers with a single, easy to use table for project & program risks.

More about this feature

Risk Registers in Mastt

Eliminate spreadsheet risk registers with a single, easy to use table combining risk categories, ratings, causes, impacts, treatments, and more. Analyze data, facilitate risk workshops and make better, informed decisions. Mastt ensures:

  • Familiar Look & Feel: Consolidate all risk data into a single, comprehensive view that aligns with best-practice spreadsheet formats.
  • Real-Time Visibility: Integrate project risk categories, ratings, causes, impacts (qualitative and quantitative), and treatments into one centralized table for immediate review.
  • Automated Reporting: Generate dashboards, reports, and more using Mastt’s extensive library of charts, tables, visualizations, and export options.
  • Project & Program Risks: Automatically consolidate project risk data into programs and portfolios for detailed reporting and analysis.

Learn more about Risk Registers in Mastt below. 👇

What is a Risk Register?

A Risk Register is a key project and program management tool used to record, track, and manage potential risks. It serves as a central repository, listing identified risks along with their causes, impact, treatment strategies, and assigned responsibilities.

In Mastt, this structured document helps project managers and stakeholders stay informed, take proactive measures, and prioritize risks based on their likelihood and potential impact on project objectives, aiding in effective risk management.

Challenges with Risk Registers

Common challenges we see in managing Risk Registers:

Spreadsheet Difficulty: Using spreadsheets to manage risk and incorporate causes by adding columns, rows and formulas is difficult.

Incomplete : Missing potential risks or poor evaluation can leave projects exposed to unexpected issues, compromising risk management effectiveness.

❌ Poor Documentation: Inadequate recording of risk details hampers thorough analysis and decision-making.

❌ Lack of Ownership: Without designated risk owners, accountability and effective mitigation efforts diminish.

No Cost Integration: Difficulty integrating risk data with cost trackers results in a disconnect budgetting.

❌ Reporting: Formatting / transposing spreadsheet tables into charts and visualizations for reporting takes a huge amount of time for an unsatisfactory, out of date result.

No Standardization: Risk registers are in different formats and of varying quality. Lack of standardization makes it time consuming to streamline and automate processes or reports.

Manual Aggregation: To achieve a program or portfolio view of risks, someone has to try and copy + paste many spreadsheets together across many projects.

Old risk registers are super painful and present a risk to risk management!

Mastt Risk Register Solutions

💡 Single, Elegant, and Familiar Table: Access all risk elements in a single, integrated table designed to replicate standard spreadsheet systems, ensuring usability and easing the transition process.

💡 Project & Program Risks: Risk registers for projects and programs, allowing you visibility of risk in aggregate for true portfolio risk management.

💡 Standardized and User-Friendly: The uniform format at the project level boosts time efficiency, enhances collaboration, and ensures accurate, automatic data capture.

💡 Enforces Active Risk Management: Enable proactive risk identification, assessment, and treatment analysis, allowing teams to manage potential risks effectively and efficiently.

💡 Simple Drill Down: Quickly expand rows for detailed analysis of causes, impacts, and treatments, facilitating faster decision-making and reducing the need for additional pop-ups, browser tabs, and windows.

💡 Automated Reporting: Risk register data is automatically generated and feeds into dashboards, project status updates, and formalized monthly reports.

💡 Real-Time Data Aggregation: Project risk data is integrated in real-time, eliminating manual tasks and enabling automated roll-up of projects into programs and portfolios.

💡 Resource Efficiency: Save time and minimize workload due to streamlined data collection and reporting processes.

Digital risk register makes risk management easy and fun.

Risk Register Features

Mastt’s advanced risk register tools will streamline your workflow, empowering you to take immediate and effective control of your active risk management.

🔷 Project Risk Register: Digital risk register, integrating risk causes, impacts and treatments with pre and post treatment ratings.

🔷 Program Risk Register: Digital risk register, integrating risk causes, impacts and treatments with pre and post treatment ratings.

🔷 Risk Matrix: Use a 5x5 or 4x4 risk matrix to assess likelihood and impacts.

🔷 Categories: Put risks into defined categories to improve reporting insights and align with your risk management practices.

🔷 Causes: Add causes / events against risks to document the underlying causes of each risk.

🔷 Impacts: Add risk impacts / consequences in response to a risk's cause.

🔷 Treatments: Mitigate impacts by adding treatments to reduce likelihood and/or impact ratings.

🔷 Risk Prioritization: Rank risks based on severity to ensure focused attention on the most critical threats.

🔷 Assign Ownership: Designate a responsible owner for each risk to ensure accountability in monitoring and mitigation.

🔷 Connect to Cost Module: Turn 'on' risks to show up in the Mastt cost module.

🔷 Drill-Down Analysis: Access detailed breakdowns of risk data for in-depth analysis and quicker decision-making.

🔷 Customizable Columns: Adjust columns in the risk register to highlight the most relevant data for your project.

🔷 Charts and Visualizations: Utilize built-in charts and visualizations to analyze risk ratings, categories, and cost/time impacts effectively.

🔷 Roll Up Risks: Easily roll up and aggregate risks by adding or removing projects from programs and portfolios.

Risk Register Best Practices

🟢 Early Identification: Commence the risk identification process early in the project lifecycle. Engage the wider project team, inclusive of stakeholders, to identify all potential risks.

🟢 Accurate Risk Assessment: Evaluate the likelihood and impact of each risk. Use a combination of qualitative and quantitative methods to assess the severity and potential consequences.

🟢 Risk Prioritization: Prioritize risks based on their likelihood and impact. Focus on high-priority risks that could significantly affect the project.

🟢 Treatment Strategy Development: For each identified risk, develop and document treatment strategies to mitigate against and reduce the associated impact or likelihood. Assign responsibilities for implementing these strategies.

🟢 Regular Monitoring and Review: Continuously monitor the risk register with regular updates, as well as facilitate risk workshops at incremental periods throughout the project lifecycle. Review the effectiveness of treatment strategies and adjust as necessary.

🟢 Communication and Visibility: Keep all stakeholders informed about the risks and treatment plans. Regular communication ensures that everyone is aware of potential issues and can contribute to managing them.

Step by Step Guides

Are you a Mastt user? Find detailed help articles by visiting help.mastt.com.

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Andrew Benn, WSP Technical Director

"With Mastt, our client can see the status of the project anytime, reducing back and forth queries, and not having to wait until the end of the month to receive a monthly report."

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Rebecca White, RPS Program Manager

"Mastt has saved our team significant time and effort in managing the financials elements of 65+projects. The team now has total visibility over their individual projects as well as the overarching program of works."

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Erik Maasepp, Capital Insight Senior Project Manager

"Mastt takes away a lot of user error that spreadsheets bring. With Mastt, we are able to combine multiple projects into programs or portfolios for management level analysis and direction."

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CAPT. Dan Foley, Army Digital Transformation Manager

"Mastt is increasing the team’s tempo and productivity by enabling real time information across our portfolio of projects. This transparency is assisting us to make informed decisions, to identify opportunities and reduce the risk."

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Dan Atkins, Jacobs National Program Manager

"Mastt's ability to record critical financial information as well as program forecasted delivery and milestones put Jacobs in a favourable position to our clients."

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Mohammed Salameh, Compass' Associate Director

"Moving to Mastt is one of the best decisions my team has ever made. It’s cost-effective, easy to use, and a quick set up."

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Fergus Bruce, Project Manager at WSP

"A key factor in our decision to adopt Mastt is its user-friendliness. It had to continue to empower us to work smart, allowing us to consistently deliver excellence across multiple sectors and geographic regions."

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