Risk management is a task by itself. If not properly managed the organization or the depending project is liable to get trapped in to undesired state. It could even amount to monetary loss in that project account. Hence risk management should be done effectively. ‘How to do it’ is another question.

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If the personnel who is facing that risk is experienced he might know what action to take to get back the organization or the project on the right track thus minimizing the losses. Otherwise it is going to be a risk unresolved. It is for this reason a risk management database is maintained. The purpose of risk management database is to store the history of risks that the organization or the projects faced and how it was resolved. Any risk anticipated and how it can be resolved can also be stored in that repository by the experienced personnel. This helps the personnel with less experience who is facing the risk situation to refer to the risk management database and handle the risk.

This type of risk management database can be applied to any scenario where risks are possible. Consider the case where there is a security risk on the computer network in an organization. If the experienced security personnel maintain a history of the problems that created risks and how it was solved in the project, then it can be replicated in the current scenario to ward off the expected risk in the ongoing infrastructure projects. This would be very helpful for the consultants who are working on the clients place and who are facing the security risks on the project implemented.

A risk management database that is well maintained helps the top management to make decisions on investment pertaining to security to ward off the risks. The damage that is expected with that risk to the economy part cannot be judged by the security personnel. However he can send the reports on the technical issues expected and the management can gauge the economic impact of that risk.