Explain the term "Risk Register" and give a template of Risk Register in an organization.

Risk Register is a document which is maintained by an organisation to keep the details of different risks as faced by an organisation and the methodology as used by the organisation to mitigate the risk. Risk register must contain the name of risk, its nature, its root cause, its severity, the possibility of its occurrence, methodology of risk mitigation. An example of Risk register is as given below: Sr. No. Risk Area Key risks Root cause Mitigation measures 1. Business Risk Decreasing market share Lack of innovation, market survey etc. Keeping a vigil on latest developments and continuous monitoring 2. Financial risk Leveraging capital structure and the cash flows Inability to assess the appropriate funding requirements Adopting a Resource planning policy 3. Regulatory and Compliance Risk Non-compliance of applicable laws Not keeping abreast of the latest changes in the Regulatory environment Knowledge updation & maintenance of a robust compliance check list