What is a Risk Register Template?
A Risk Register Template is a key project management tool used to document, track, and manage risks throughout the lifecycle of a project. It helps you track what could go wrong, how likely it is, what the impact might be, and what you're doing about it.
Most templates, especially risk register templates in Excel, include:
- A short description of the risk
- Likelihood and consequence scores
- An overall risk rating
- The person responsible
- A plan to reduce or manage the risk
A well-maintained risk register is essential in construction risk management, ensuring that project managers and stakeholders can monitor risks specific to construction projects and take proactive measures to minimize their effect on project outcomes, such as delays, cost overruns, or safety issues.
Who Should Use a Construction Project Risk Register Template?
Anyone managing a project with deadlines, budgets, or uncertainty should use a risk register. It’s a core tool for staying ahead of problems, not reacting after they happen.
You should use a risk register if you’re a:
✅ Project manager who need real-time oversight and structured reporting
✅ Client-side PM firm managing delivery on behalf of owners
✅ Government team delivering infrastructure and public assets
✅ Asset owner and operator looking for better visibility across their portfolio
✅ Consultant and contractor who track risk across multiple scopes and stakeholders
Why Do You Need Mastt's Risk Register Template?
Because risk is part of every project—whether you plan for it or not. Mastt's risk register gives you a structured way to stay ahead of problems instead of reacting after they hit.
Here’s what it helps you do:
- Spot risks early: Identify issues before they impact time, cost, or scope.
- Assess exposure: Score each risk by likelihood and consequence to understand potential impact.
- Take action: Record mitigation plans so you’re not scrambling when things go wrong.
- Assign responsibility: Make it clear who owns each risk and what they’re doing about it.
- Justify decisions: Use risk data to back up contingency budgets or timeline buffers.
- Report with confidence: Keep clients, funders and stakeholders informed with a clear, updated record.
When Should You Use a Construction Risk Register Template?
Use a construction risk register template at the very beginning of your project, during the planning phase. That’s when you have the best chance to spot risks early and act before they impact cost, time or delivery.
If your project has a budget, a timeline, or multiple moving parts, you need a risk register. It helps you stay proactive instead of reactive.
You should also use one when:
- Setting contingency budgets: Use risk data to back up your cost and time buffers.
- Coordinating across teams: Risks don’t sit in one spot. A register helps everyone see what’s coming.
- Reporting to clients or funders: They want visibility. A clear, structured risk register builds trust.
- Managing high-stakes delivery: If delays or cost overruns have consequences, you can’t afford to guess.
As the project moves forward, risks will change. A good register doesn’t just sit on a shelf—it’s updated regularly and reviewed often. That’s how you keep control in complex environments.
If you’re not using a risk register from day one, you’re already behind.
How to Use a Project Risk Register Excel Template
A Project Risk Register Excel Template helps you log, assess, and manage risks across your project. It gives you a structured format to stay organised and proactive—especially during planning and delivery.
Here’s how to use a project risk register template step by step:
1. Start and Set Up
Start with a risk register Excel template. Customize the fields to suit your project—adjust categories, add team roles, or include branding if needed.
2. Identify Project Risks
Use the risk log template to list potential risks that could affect your project. These might include cost overruns, delays, design issues, contract disputes, or external factors like weather or market shifts.
3. Score Likelihood and Impact
Rate each risk based on how likely it is to happen and how serious the impact would be. Use a simple scale (like low, medium, high) or numerical values to create a consistent scoring system.
4. Prioritize Risks
Sort the risks by severity using your scores. Focus first on those with high likelihood and high impact. A structured risk register Excel template makes this easier to track at a glance.
5. Add Mitigation Plans
For each risk, outline actions to prevent or reduce impact. Your risk register template should include space for mitigation steps, contingency plans, or fallback options.
6. Assign Risk Owners
Clearly assign each risk to someone responsible. This helps ensure follow-through and makes accountability part of the process.
7. Monitor and Update
Projects change. Keep your risk register Excel template up to date by reviewing it regularly—especially before meetings or key milestones. Update risk scores, add new risks, and track mitigation progress.
8. Use It in Meetings and Reports
Bring your project risk register template to team meetings. It’s a valuable reference for discussions, decisions, and client reporting. A well-maintained sample risk register builds trust and keeps everyone aligned.
What Are the Problems with Using a Risk Register Excel Template?
While a risk register Excel template is a common starting point, it quickly becomes hard to manage on real projects—especially large or complex ones.
Here’s why many project teams outgrow Excel:
⚠️ Manual updates: You have to update risk scores, statuses, and charts by hand. One mistake throws off everything.
⚠️ Version control issues: Multiple copies floating around means no one knows which is the latest.
⚠️ Poor visibility: Excel doesn’t show you the big picture. You can’t see live dashboards or trends without extra effort.
⚠️ No audit trail: You can’t track who changed what or when, which makes reviews and reporting harder.
⚠️ Limited collaboration: It’s tough to share updates across teams without creating confusion or duplication.
⚠️ Disconnected data: Risks live in one sheet. Issues, delays, and cost changes live elsewhere. Nothing talks to each other.
If your project has multiple stakeholders, changing conditions, or strict reporting requirements, Excel becomes a bottleneck.
Free Example Risk Register Template
Want to see how a real project risk register looks in action? Use our free sample—pre-filled with typical risk data from a live construction project.
It’s based on a classic risk register Excel template, designed to give you a clear, structured view of how risks are tracked, prioritized, and managed.
What you’ll get:
☑️ A ready-to-use PDF: Professionally formatted and locked for clarity, so you can see exactly how a polished risk register should look.
☑️ Sample project risk data: Includes realistic entries across categories like cost, time, safety, and design.
☑️ Built-in fields: Likelihood, consequence, risk rating, mitigation plan, owner, and status—all laid out and easy to follow.
☑️ Quick-start reference: Use it to guide your own risk register setup in Mastt or bring it to your next project review as a reference.
☑️ Works as a risk log template: Whether you’re explaining risks to a client or prepping a report, this sample doubles as a practical tool.
Why Replace Your Excel Risk Register Template with Mastt?
Excel works—until it doesn’t. It’s fine for small projects or early planning. But once things get moving, spreadsheets become hard to manage, easy to break, and impossible to keep up to date.
Mastt gives you everything your Excel risk register does, plus a lot more. It’s built specifically for capital projects, with tools that save time and reduce risk.
Here’s why it’s worth making the switch:
✅ No manual scoring: Mastt calculates risk ratings automatically based on likelihood and impact.
✅ Live dashboards: See heatmaps and summaries update in real time as risks change.
✅ One source of truth: No more chasing versions or merging comments. Everyone works from the same data.
✅ Audit-ready history: Every change is tracked. You always know who updated what and when.
✅ Linked data: Risks can connect to change requests, delays, or issues—so nothing gets missed.
✅ Instant reporting: Export clean, ready-to-share reports for clients or funders in seconds.
🧠 If you’re juggling multiple spreadsheets or spending hours prepping for risk meetings, it’s time to move on from Excel to Mastt.
Mastt allows you to expand on your risk management efforts by tracking risks, causes, impacts, and treatments in accordance with ISO31000 standards—all configurable to your unique Risk Management Framework or Plan.
How to Use Mastt’s Risk Register
Managing risk is part of the job when delivering capital works. But it doesn’t have to be a headache. Mastt’s Risk Register helps project teams stay on top of risks without getting buried in spreadsheets or tangled in complexity.
Here’s how it works—step by step:
1. Start at the Risk Overview
Once you're in your project, head to the Risk. Open the side menu and click Risk in the navigation pane.
2. Add a New Risk
Click “+ New Risk” and start filling in the basics:
- Risk Title: Keep it short but clear (e.g. “Design Delays”)
- Category: Choose from Time, Cost, Quality, Safety, Environment, etc.
- Description: What is the risk? Be concise but specific.
- Consequences: What happens if it occurs?
- Risk Owner: Who’s responsible for managing it?
- Mitigation Strategies: What’s the plan to reduce or manage it?
It’s fast and structured—nothing gets missed.
3. Rate the Risk
Next, pick how likely it is to happen and how severe the consequences would be. Mastt does the math and places the risk on the heatmap for you. No guesswork, no formulas.
4. Add Cost & Time Impact (If You Need)
Want to forecast more accurately? Add rough estimates for how much this risk could cost or delay the project—minimum, most likely, and worst case. This feeds into your Total Risk Exposure, helping you plan contingencies with actual data.
5. Link It Up
If this risk connects to a change request, issue, or program delay, you can link it. That way, everything stays connected—and your reporting tells the full story.
Take the Next Step
Tried using a risk register template and ready for something more powerful? Start managing project risks in Mastt—without the headaches of spreadsheets.
Go beyond static Excel files with live dashboards, automatic risk scoring, and real-time updates across your entire portfolio. Connect risks to issues, delays, and change requests—all in one place.
🎯 Start free and see how Mastt makes risk management faster, smarter, and easier.
More Construction Risk Management Resources
Understanding and managing risks is a crucial part of successful construction project management. To deepen your knowledge and refine your approach, explore these expert guides and resources on risk management:
- What is a Risk Register? Guide + Example
- How to Create a Project Risk Register: Best Practices and Tips
- How to Create a Risk Management Plan: Best Practices
- Active Risk Management: Complete Guide to Proactive Risk Control
- Proactive vs Reactive Risk Management: Which is Best for Your Construction Project?
These resources provide actionable insights to help you mitigate risks effectively and ensure your construction projects run smoothly.
Written by
Jackson Row
Jackson Row is the Senior Solutions Consultant at Mastt. With expertise in risk modeling, cost forecasting, and integrated project delivery, Jackson provides practical solutions to improve outcomes in capital project management. Through his work, Jackson contributes to the advancement of best practices in the construction industry.
