A register is only useful if it's reviewed and updated: risks closed, new ones added and actions followed up. A register filled in once at the start and never revisited is a common audit finding.
Related terms
Risk matrix
Rates each risk by likelihood and consequence on a grid, commonly 5×5, to give it a rating such as low, medium, high or critical.
Residual risk
The level of risk that remains after controls and treatments are in place.
Contingency
Budget set aside for risks and uncertainty within the agreed scope.