Risk register management skill for systematic risk identification, assessment, and tracking
The Risk Register Manager skill provides comprehensive capabilities for systematic risk identification, assessment, mitigation planning, and ongoing tracking. It supports the full risk management lifecycle from initial identification through monitoring and closure.
# Define a risk
risk_entry = {
"id": "RISK-001",
"title": "Key Supplier Bankruptcy",
"description": "Primary component supplier faces financial difficulties, risking supply continuity",
"category": "Supply Chain",
"subcategory": "Supplier Risk",
"identified_by": "Procurement Manager",
"identification_date": "2024-01-15",
"status": "Open",
"triggers": [
"Supplier credit rating downgrade",
"Delayed deliveries > 2 weeks",
"News of financial restructuring"
],
"affected_objectives": ["Production Continuity", "Cost Control"]
}
# Assess risk
risk_assessment = {
"risk_id": "RISK-001",
"probability": {
"score": 3, # 1-5 scale
"rationale": "Supplier shows signs of financial stress; industry downturn",
"confidence": "medium"
},
"impact": {
"financial": {"score": 4, "estimate": 2500000},
"schedule": {"score": 3, "estimate_days": 45},
"reputation": {"score": 2},
"overall": 4
},
"risk_score": 12, # P x I
"risk_level": "High",
"velocity": "Medium", # How quickly it could materialize
"assessment_date": "2024-01-20"
}
# Define mitigation strategies
mitigation_plan = {
"risk_id": "RISK-001",
"response_strategy": "Mitigate", # Accept, Mitigate, Transfer, Avoid
"actions": [
{
"id": "MIT-001-A",
"description": "Qualify secondary supplier",
"owner": "Procurement Director",
"due_date": "2024-03-01",
"status": "In Progress",
"cost": 50000,
"effectiveness": 0.6 # Expected risk reduction
},
{
"id": "MIT-001-B",
"description": "Increase safety stock to 8 weeks",
"owner": "Supply Chain Manager",
"due_date": "2024-02-15",
"status": "Not Started",
"cost": 200000,
"effectiveness": 0.3
}
],
"residual_probability": 2,
"residual_impact": 3,
"residual_score": 6
}
# Configure risk matrix
matrix_config = {
"probability_scale": {
1: {"label": "Rare", "range": "< 10%"},
2: {"label": "Unlikely", "range": "10-25%"},
3: {"label": "Possible", "range": "25-50%"},
4: {"label": "Likely", "range": "50-75%"},
5: {"label": "Almost Certain", "range": "> 75%"}
},
"impact_scale": {
1: {"label": "Negligible", "financial": "< $10K"},
2: {"label": "Minor", "financial": "$10K - $100K"},
3: {"label": "Moderate", "financial": "$100K - $1M"},
4: {"label": "Major", "financial": "$1M - $10M"},
5: {"label": "Severe", "financial": "> $10M"}
},
"risk_levels": {
"Low": {"range": [1, 4], "color": "green"},
"Medium": {"range": [5, 9], "color": "yellow"},
"High": {"range": [10, 16], "color": "orange"},
"Critical": {"range": [17, 25], "color": "red"}
}
}
{
"operation": "create|update|assess|report",
"risk": {
"id": "string",
"title": "string",
"description": "string",
"category": "string"
},
"assessment": {
"probability": "object",
"impact": "object"
},
"mitigation": {
"strategy": "string",
"actions": ["object"]
},
"report_options": {
"format": "matrix|list|dashboard",
"filters": "object"
}
}
{
"risk_register": [
{
"id": "string",
"title": "string",
"category": "string",
"inherent_score": "number",
"residual_score": "number",
"status": "string",
"owner": "string",
"next_review": "string"
}
],
"summary_statistics": {
"total_risks": "number",
"by_level": "object",
"by_category": "object",
"trend": "object"
},
"risk_matrix": "object",
"top_risks": ["object"],
"overdue_mitigations": ["object"],
"report_path": "string"
}
| Strategy | When to Use | Example |
|---|---|---|
| Avoid | High P, High I, feasible to eliminate | Cancel risky project phase |
| Mitigate | Reduce P or I is cost-effective | Add quality controls |
| Transfer | Impact can be shifted | Insurance, contracts |
| Accept | Low priority or unavoidable | Budget contingency |