What's the difference between Risk register and Risk Assessment ?

Risk register if normally a document that contains a list of all the risks identified by the company and prioritised in order of importance.

Risk assessment can be a process of risk identification, evaluation and prioritisation that would result in a formal risk assessment document and would include a Risk Register as well as risk maps, risk action plans, control activities and communication protocols.

At the same time Risk Assessment may be used to mean a process of quantitative or qualitative evaluation of a specific risk. In this case the result would be a range of probably outcomes should the risk occur and the relevant measures to be taken towards this risk in line with the company's Risk Tolerance and Risk Appetite. A risk may be eliminated, managed (mitigated), ignored or outsourced based on the results of the risk assessment work. A follow up risk assessment will then provide the "attritional risk" values, i.e. the estimates of risks' frequency and severity after the risk management actions have been implemented.

Hope this helps,

Anna