We define risk from a Lean Six Sigma standpoint as anything that can or will go wrong. You might have heard of it before...Murphy's law? Whether you are working on an IT project for a new ERP system or trying to determine how you will improve your new production introduction (NPI) process, we have to take into account RISK.
 
How do we do that? I suggest (and LOVE) using a risk register. Yes, I LOVE using a risk register because it keeps all of the risks documented in one place, it tells me really how bad it is, what will happen if that risk comes to fruition and the priority that we should be working on them. It's like the old adage "get all the liars in one room." Get all your risks for whatever you are working on documented on one page and keep track of them there. Revisit risks early and often...because they never truly go completely away.