What a risk management system needs to do is ensure that risks are known and understood by the project team and the people who need to deal with the risk management actions and potential consequences of risk events. Like most project tools it’s all about communication.
The features a risk management system needs to have to do its job well include
- A brief description
- A list of impacted stakeholders
- An impact/likelihood assessment
- A priority or importance rating
- An owner who is responsible for the risk management plan
- A description of the risk management plan
- A status (is it being managed, has it been closed?)
Another important feature of a risk management system is that it is used. The system (Spreadsheet, word doc, etc) needs to be looked at and the items reviewed and monitored. If you are designing your own make sure it is clear and useable. One weakness of risk management systems is that they can get too complex of the users, so consider their knowledge and awareness of risk management systems and design with them in mind.