What is a risk register?

A risk register is indeed a tool used to prompt a review of existing controls and track progress reports on identified risks within an organization. It serves as a central repository for all risk-related information, including details about the nature of each risk, its potential impact, likelihood, the controls in place to mitigate it, and the status of any action plans. By maintaining a risk register, organizations can ensure that they regularly monitor risks, assess their effectiveness, and update their risk management strategies accordingly. This continuous review process is crucial for effective risk management and helps in fostering a proactive risk culture within the organization.

The other choices do not correspond to the definition of a risk register. For instance, a financial document focused on reporting earnings is unrelated to the concept of risk management. A list of employees pertains to human resources rather than risk assessment. Lastly, a report on company profits and losses is a financial statement that does not involve the systematic evaluation and management of risks.