Business risk · 6 min read
A practical risk register for owner-led businesses
A risk register becomes useful when it helps leaders decide what to reduce, transfer, monitor, or accept.
Name events, not broad categories
“Operations” is too broad to act on. “A single supplier interruption stops fulfillment for more than five days” gives a team something concrete to assess.
Describe the event, the likely effect, existing safeguards, and the person responsible for the next action.
Separate likelihood from impact
Frequent low-cost issues call for a different response than rare, severe events. A simple likelihood and impact scale helps prevent the loudest concern from automatically receiving the most attention.
Also note speed: some risks allow weeks to respond, while others can damage cash flow or customer trust within hours.
Review decisions, not paperwork
A quarterly review should focus on changes: new dependencies, control failures, insurance gaps, contract commitments, and risks that moved in priority.
This is general educational information and is not legal, insurance, accounting, or financial advice.