Risk management can be the story of how a project goes right. When the dangers are accurately assessed before they can happen and the risks are mitigated, you are left with a tale of success. Officially chronicling risks before the start of a project and during the project in a central repository is generally called a risk log. Updating a risk log through the life of a project minimizes the potential for threats at any point, and equally nice, it ensures that the full story of your success will be told in the end. A blog entry from Project Management 21 elaborates on how to set up a good risk log.
Of chief concern is how you choose to describe risk, on which the blog has to say:
The language used to describe risk is very important; clear communication facilitates productive risk conversations. The Association of Project Management (APM, 2008) advance a very useful concept of risk meta-language to be used when describing risk. Risk meta-language describes a risk in terms of <cause><risk><effect> e.g. Because of some cause, then this risk may occur leading to the following effect.
Defining type of risk is equally important, and they are often categorized as things such as an event, ambiguity, or quality, though such categorizations are ultimately up to the project manager. A common measurement model should be used to calculate both probabilities of risk and the approximate impact of risks if realized in order to help prioritize actions and reactions. Variability, urgency, and proximity are all items to include in a risk log that aid in creating timetables to address risk. Very basic but necessary other items to have are the current status (open or closed), the owner responsible for monitoring a given risk, and dates of activity in reviewing risks. Consult the full listing at the blog to develop a risk log that captures every detail of your triumph.