What is the benefit of having a centralized risk register?

Having a centralized risk register serves the critical function of providing a singular source for risk tracking. This centralization allows organizations to compile all identified risks in one location, which enhances visibility and accessibility for stakeholders at all levels. By having a unified reference, teams can easily monitor and assess risks consistently across the organization. This accessibility promotes better communication among departments, facilitates coordinated responses to risks, and ensures that everyone is operating from the same information base, ultimately leading to more effective risk management strategies.

The other choices do not reflect the purpose of a centralized risk register. Overloading information would complicate rather than streamline risk management. Scattered risks across departments would hinder effective tracking and response efforts, increasing the likelihood of missed or unmanaged risks. Eliminating the need for risk assessments fundamentally misrepresents the role of a risk register, as ongoing assessments are necessary to identify, evaluate, and prioritize risks over time.