Which of the following is a key component of a risk register?

The key component of a risk register is the documentation of risks and their potential impacts. A risk register serves as a systematic way to identify, assess, and monitor risks throughout the lifecycle of a project. It typically includes details such as the description of each risk, its likelihood of occurrence, potential impact on project objectives, and strategies for mitigation or response. This comprehensive understanding allows project managers and stakeholders to make informed decisions and prioritize risk management efforts effectively.

While project timelines, team member assignments, and budget allocations are essential elements of project planning and execution, they do not specifically pertain to risk management. The risk register focuses solely on identifying and analyzing risks, enabling the team to prepare for uncertainties that could hinder project success.