Name a common tool used in risk management software.

A risk register is a fundamental tool in risk management that serves multiple purposes in the assessment and analysis of risks within an organization. It systematically tracks identified risks, their assessments, and the actions taken to mitigate or manage those risks. This documentation is essential for maintaining oversight on risk factors and ensuring that necessary measures are implemented effectively.

The risk register typically includes details such as the nature of each risk, its likelihood and potential impact, and assigned responsibilities for managing those risks. By keeping this information organized, organizations can facilitate communication among stakeholders and ensure consistent monitoring. The structured approach of a risk register aids decision-makers in prioritizing risks, allocating resources appropriately, and complying with regulatory requirements.

Other tools mentioned, such as risk matrices, also play an important role in risk assessment by visually representing the likelihood against the severity of risks, but they often complement a risk register rather than serve as a standalone tool. Budget forecasts and customer feedback surveys focus on different aspects of organizational performance and do not directly align with risk management principles.