There have been other attempts to deliver software that helps manage project risks. The Atlassian Marketplace has several examples, all of which fall short, in our opinion. We're building a better risk register. Here are some of the concepts that underpin the ProjectBalm Risk Register product:
A risk is not a task, it's not an attachment, and it can't be represented by merely slapping a failure probability on project issue. A risk is its own thing, and needs to have it's own identity separate from other issues and tasks.
Risks have their own workflow, and their own life-cycle. It’s important to close off risks as their probabilities are reduced to zero.
Risks have relationships with other issues, and even with other risks. It’s important to capture those relationships.
Your risk register must be alive. It’s no good just documenting risks and forgetting about them. Your risk register needs to tell you something useful about your project; it should direct your focus, or trigger activities, or help you prioritise.