Risk Register Template
Use this risk register template to document and monitor activities captured during the annual risk assessment process. A documented formal risk assessment helps identify potential threats to your organization's operations, systems, and data. This ongoing risk register ensures you’re meeting core SOC 2 requirements while keeping your risk management process structured and auditable.
Column Descriptions:
- Risk ID – Unique identifier (e.g., R-001, R-002)
- Description – Brief summary of the risk (e.g., “Customer data breach from 3rd party vendor”)
- Likelihood / Impact – Subjective rating based on team consensus or assessment
- Risk Score – Optional formula: Likelihood x Impact or color-coded judgment
- Risk Owner – Person responsible for monitoring/mitigating the risk
- Existing Controls – Preventive/detective measures in place
- Control Effectiveness – Qualitative assessment of how well the control works
- Residual Risk – The remaining risk after controls are applied
- Mitigation Plan – Planned actions to reduce residual risk further
- Target Date – When mitigation should be complete
- Status – Ongoing risk tracking
- Last Reviewed – Date of last update