Risks are created for anticipated events or issues which may occur and which have a negative impact to increase the cost of your project. You normally keep track of basic information, cost impact and probability and your response or mitigation plan for each risk. Opportunities are also anticipated events which reduce the cost or increase the revenue of your project.

Risks are created in the Risk application, or by clicking on "add risk or opportunity" link highlighted below.

Click on the RISKS tab (highlighted below) to view your project risk register. Risks, Issues and Opportunities are listed in three separate tables or blocks. As well as the description of each risk or opportunity you can also see:

1. WBS the risk or opportunity is associated with
2. The probability of that risk or opportunity occurring
3. The anticipated cost impact in local and leading internal business unit currency. Note: the total is only displayed for the cost impact in business unit currency, because you can add up cost impacts in different currencies together
4. The anticipated schedule, performance and overall impact of each risk or opportunities. The cells are color coded based on your risk policy impact scoring criteria
5. The weighted impact or cost impact x probability, again in internal business unit currency (to allow totals)
6. How you are responding to each risk
7. Click on the pencil icon to view more detail or edit each risk individually.

The sum of weighted risks and opportunities (opportunities having a negative cost impact) represents your project risk reserve. Some companies also set the management reserve to this value and some companies allow a separate discretionary reserve on top of the calculated risk reserve.