How to create a legal risk register


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Risk & Compliance expert
Practice notes

How to create a legal risk register


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Risk & Compliance expert

Practice notes
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This Practice Note is intended for in-house lawyers. It explains how to create a legal Risk register, a tool that allows you to collate all your legal risk information in one place, by categorising each legal risk the organisation faces, scoring each risk and then deciding how to control or mitigate the risk. To formulate an effective legal risk register, you must first identify the legal risks your business faces. It is also helpful to understand your organisation's appetite for risk.

What is risk?

Some organisations have their own written definition against which their risk landscape, and within that their legal risk, can be understood and identified. If your organisation has already defined risk, you should assess the definition and, if you find it workable, you’re in a good place to think about what legal risk is.

If not, you need to help your organisation to get a working definition. A tangible and easily understood approach is to define risk as:

Risk = probability x impact

So, for any given legal risk faced

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Risk register definition
What does Risk register mean?

A formal list of the risks to which the pension trustees are exposed to, and their degree of importance.

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