Risk Register

The overall process of risk identification, risk analysis, and risk evaluation. Risk assessment identifies what can go wrong (hazard identification), determines how likely it is and what the consequences would be (risk analysis), and compares the results against risk criteria to determine whether the risk is acceptable or requires treatment (risk evaluation). It is the systematic application of the ISO 31000 risk management process.

A formal, documented decision to accept a specific risk without further treatment, based on a determination that the risk level is within the organization's risk tolerance criteria or that further risk reduction is not reasonably practicable (ALARP). Risk acceptance requires explicit authorization from a designated decision-maker, documented rationale, a defined review period, and specified conditions or limitations.

A numerical value representing the level of risk for an equipment item, calculated as the product of Probability of Failure and Consequence of Failure scores. Risk scores provide a continuous scale (1-25 in a 5x5 system) that enables granular prioritization within risk ranking categories and supports quantitative risk trending over time.

A two-dimensional grid that combines Probability of Failure (PoF) on one axis and Consequence of Failure (CoF) on the other to produce a visual risk ranking. The matrix divides risk into categories (typically A through E or Low/Medium/High/Very High/Extreme) that determine inspection priority, interval, and strategy. Risk matrices provide a standardized framework for comparing and prioritizing risks across diverse equipment populations.

A discrete, auditable event in the lifecycle of a governed artifact (asset, risk, MOC, inspection) that records a decision, approval, status change, or significant action. Governance events capture who did what, when, why, and with what authorization. They form the backbone of the audit trail and provide the evidence chain for regulatory compliance.