Commercial Risk Register Management

Commercial Risk Register Management

Overview

Manage the commercial risk register through CRUD operations on risks, score updates, mitigation tracking, and status reporting.

Announce at start: "I'm using the commercial-risk-register-management skill to update the risk register."

When to Use This Skill

Trigger Conditions:

• New risk identified from risk assessment
• Risk score needs updating
• Mitigation action completed or overdue
• Periodic risk register update
• Risk close-out required

Prerequisites:

• Risk assessment completed with risk identified
• Risk owner assigned
• Risk register initialized

Step-by-Step Procedure

Step 1: Risk Entry

For each new risk:

1. Generate unique Risk ID
2. Record risk description
3. Assign risk category
4. Assign risk owner
5. Record date identified

Step 2: Score Update

1. Update likelihood score (1-5)
2. Update impact score (1-5)
3. Calculate risk score (L × I)
4. Update risk rating (Low/Medium/High/Critical)

Step 3: Mitigation Tracking

1. Record mitigation action description
2. Record mitigation strategy (avoid/reduce/transfer/accept)
3. Record mitigation owner
4. Record target completion date
5. Track mitigation status (not started/in-progress/completed/overdue)

Step 4: Escalation

1. Identify overdue mitigations (past target date)
2. Escalate to risk owner's manager
3. Record escalation action taken
4. Set new target date

Step 5: Risk Review

1. Schedule periodic risk reviews
2. Assess if risk still exists
3. Update likelihood and impact scores
4. Update mitigation status
5. Close risk if no longer applicable

Step 6: Reporting

Generate risk register report:

• Risk summary by category
• Top 10 risks by score
• Overdue mitigations list
• Risk score trend analysis
• Risk closure summary

Success Criteria

• All risks logged with unique IDs
• Risk scores current and calculated correctly
• Mitigation owners assigned for all risks
• Overdue mitigations escalated
• Periodic reviews conducted
• Risk register report generated

Common Pitfalls

1. Stale Data — Risk register not updated regularly becomes useless. Update at least monthly.
2. No Mitigation Owner — Without an owner, mitigation doesn't happen. Always assign.
3. Escalation Ignored — If escalation doesn't trigger action, escalate further.

Cross-References

Related Skills

• commercial-risk-assessment — Risk identification and scoring
• commercial-counterparty-risk-assessment — Counterparty risk input

Related Agents

• COM-011 Commercial Risk Register Agent — Primary agent
• COM-001 Commercial Coordinator Agent — Supporting agent