Purpose of the Risk Register

B.

The Risk Register is an important tool in project management that is used to identify, assess, and manage risks that may arise during the project lifecycle. The purpose of the Risk Register is to provide a central record of information relating to the identified risks for the project.

Option A is incorrect because the purpose of the Risk Register is not to describe the risk management techniques and standards to be applied to the project. Instead, the Risk Register serves as a repository for information related to risks.

Option B is correct because the Risk Register acts as a central record of information relating to the identified risks for the project. This includes information about the risk, its likelihood and impact, the risk owner, and the mitigation strategy.

Option C is incorrect because the Risk Register is not used as a repository for informal issues. Instead, it is specifically focused on managing risks.

Option D is also incorrect because the Risk Register does not list the responsibilities for achieving an effective risk management procedure. While it may contain information about who is responsible for managing certain risks, its primary purpose is to provide information about the risks themselves.

In summary, the purpose of the Risk Register is to act as a central record of information relating to the identified risks for the project. It helps project managers to manage risks effectively by providing them with a clear understanding of the risks involved and the strategies to mitigate them.