Project Risk Register: Example and Free Excel Template

A project risk register helps a team prepare for events that could prevent a project from reaching its goals. For each risk, it records who is watching it, what to do now and when to review it. Start with a few useful entries. A short register that the team reviews beats a long file nobody opens.

What is a project risk register?

It is a list of uncertain situations that could affect a project's schedule, cost, quality or another goal. Writing “possible delay” is not enough. Say what could cause the delay and what the team will do to prevent or respond to it.

The register does not predict the future. It keeps upcoming decisions visible while the team can still act. The same approach works for a website launch, an event, a campaign or a construction project.

A simple example: client approval before launch

Fictional example. A small team plans to launch a website on Monday. The client needs to approve the home-page copy by Thursday noon. On Tuesday, the client has not replied. Approval could still arrive on time, so there is no missed deadline yet. The risk is that it arrives too late to finish and check the site before Monday.

This description separates the cause (approval still pending), the possible event (a reply after Thursday noon) and the possible impact (a delayed launch). It also names an owner, an immediate action and an observable signal for a decision. It does not present a delay as a fact.

How do you fill in an entry without getting lost in columns?

Start with six pieces of information. The risk register template spreads them across columns so you can track them.

1. What might happen: write one sentence connecting the cause, possible event and effect. Here: “late approval → launch may slip”.
2. Goal affected: the Monday launch. A specific consequence helps the team decide whether the risk needs attention.
3. Owner: Camille checks the client's response and coordinates the next step. She does not have to do every task herself.
4. Action now: send the approval request on Tuesday with a clear deadline, then follow up on Wednesday.
5. Warning signal and backup plan: no written approval by Thursday noon. Camille then speaks with the client about a new date or a smaller launch. The team publishes only approved copy.
6. Next review: the next time the team will check the response and decide what to do. In the workbook, enter a real date in the “Next review” column.

Add a category, linked tasks or a cost estimate only when they help a decision. Columns nobody maintains do not improve the process.

How do you assess probability and impact?

The template uses a 1-to-5 scale for probability and another for impact. In our fictional example, the team chooses 3 for probability: a late reply seems plausible, but not certain. It chooses 4 for impact: changing the launch would be serious. The workbook calculates 3 × 4 = 12.

A score of 12 means neither a 12% chance nor a 12-day delay. It helps the team choose which risks to discuss first. Agree what levels 1 to 5 mean for your project. A near-term risk or one with severe consequences may need a prompt decision even if it does not have the highest score.

What do you do before and after the warning signal?

In this example, the preventive action is to ask for approval early and state when a reply is needed. The warning signal is observable: at Thursday noon, there is still no written approval. The backup plan is a decision with the client about the launch date or scope.

Keep these three moments separate. Wednesday's reminder reduces uncertainty; it does not prove that approval will arrive. Changing the date without the client is not a backup plan. Publishing unapproved copy could create another problem.

How do you review a risk and decide when to close it?

At each review, ask four questions about priority risks: what have we observed? Was the planned action done? Who must decide what, and by when? When will we check again? A short weekly review is a useful starting point during active delivery. A near-term risk, such as Thursday's approval deadline, needs an earlier check.

Suppose Thursday noon passes without a reply. Missing the approval deadline is now an issue to resolve. The risk to Monday's launch stays open until the team has an agreement and a workable plan. Record a checkable decision: “Camille calls the client on Thursday; written agreement on the date or scope; review again Friday morning.”

Do not close the risk because a reminder was sent. Close it when approval and the launch plan are confirmed, or when the team explicitly decides that no further monitoring is needed. Record the reason. This cycle of identification, assessment, response and monitoring follows the principles discussed by ISO 31000:2018 and the PMI. Neither source prescribes our workbook or scoring scale.

Free project risk register template: how do you use it?

Download the free XLSX risk register template. It opens in Excel or a compatible spreadsheet. “How to use” explains the steps; “Risk register” includes the EX-01 client-approval example, a second, more technical example and blank rows.

To begin, replace EX-01 with a risk from your project. Choose probability and impact from the lists; the score updates automatically. Then enter an owner, action now, warning signal, backup plan and a real next-review date. Filters help find the risks to discuss. The workbook counts overdue reviews when you open it, but it does not send reminders: someone has to keep it current.

When should you track risks in Altirya rather than a file?

The XLSX template is enough to learn the method or track a few risks. When decisions, tasks and owners change frequently, coordinating several file copies gets harder. In Altirya's project risk register, you can describe a risk, choose its probability and impact, assign people and keep the response plan in the project.

For Camille's risk, you can record the signal to watch, its threshold, the next review and tasks tied to approval. Mitigation actions can have an owner, due date and progress status. The team can then see what remains to be done before Monday. People still need to enter and check this information: Altirya does not make the decision for them and does not automatically import the XLSX workbook.

If your team needs to connect risks with day-to-day work, try Altirya with a real risk from your project: assign an owner, define the warning signal and plan the next action. To spot other warning signs, read our guide to project drift.