Free Risk Register Templates | Smartsheet (2023)

This article provides free, customizable risk register templates and forms in Excel, Word, and PDFformats. Learn what to include and how to identify and track risk to ensure successful project completion.

Included on this page, you’ll find a simple business risk register template, a project risk register template, and a data risk register template (among others), and learn what to include in a risk register.

Simple Safety Risk Register Template

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Use this basic risk register template to evaluate safety risks, calculate the priority based on probability and potential impact, make notes on mitigation strategies, and assign the risk to a team member.

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Simple Business Risk Register Template

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(Video) Risk Register Template in Excel

Use this basic risk register template to evaluate risks to your business, calculate the priority based on probability and potential impact, make notes on mitigation strategies, and assign it to a team member to manage.

Risk Register Template

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Use this preformatted, customizable risk register template to create a targeted action plan to identify and mitigate risks as they arise. With spaceto document risk descriptions, risk owners, triggers, probability, and response plan, you can easily create a strategic plan before a project’s timelines, budgets, or resources are derailed.

Project Risk Register Template

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Use this project risk register template as a master document to outline all potential project risks.The template includesspaces for risk category, identification date, potential project impacts, and possible mitigation strategies. Similar to the risk register template, you can leverage this comprehensive template to detail the risks involved with every phase of your project and update it regularly to maintain visibility with team members and key stakeholders. Easily identify and mitigate risks associated with your projects before they seriously impact your deadlines — and your bottom line — with this customizable template.

Data Risk Register Template

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Keeping data accessible and relevant is a priority for nearly every company today. Use this template to follow risks to your data, including data compliance, data corruption, and loss of data due to failures.

For data security-related risk tracking, check out the Data Protection Risk Register template below.

Agile Risk Register Template for Information Technology

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The Agile methodology presents a unique set of challenges, due to its short cycles and self-organizing, cross-functional nature. Agile has its roots in software development and information technology — use this template to track risks during the Agile process.

Internal Audit Risk Register Template

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An auditor can use this template to evaluate a department by categorizing and tracking the risks, creating a list of root causes, and determining the likely time frame of the onset of the risk.

(Video) Create Risk Register Template | Project Management Templates

Corporate Risk Register Template

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For company-level risk assessment, use this free template to keep track of pre and post-mitigation impacts, the processes and documents connected to each risk, and track the risks until they are closed.

Tax Risk Register Template

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Download Tax Risk Register Template - Excel

Use this tax risk register to manage risks related to taxation, including information on the type of risk, the time frame for onset, how the risk will be monitored, and any documents or processes related to the risk.

Strategic Risk Register for Schools Template

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In an educational environment, risk tracking needs to keep on top of the affected processes, as well as the steps within those processes. Use this template in a school situation, and manage the opening and closing dates for each risk.

Construction Risk Register Template

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This template focuses on risks associated with construction projects, and can help you to identify risks before they arise, describe possible consequences, and propose risk treatment plans in an effort to eliminate project delays. Use this premade template to describe possible risks and organize them into appropriate categories, like climate, traffic and transport, and nature conservation. Pinpoint risk ratings based on the likelihoodand consequences of each risk, and assign specific team members risk action plans to create.

Risk Register Template for Banks

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This risk register template for banks works to assess and mitigate risks in the banking industry. Use this downloadable template to create a proactiveplan to identify and assuage risks and their negative impacts on banking projects, like inspection or audit issues. Prepare and update this template with potential risk activities, contingency plans, risk impact timelines, and more to keep your banking projects and day-to-day activities on track and on time.

(Video) Risk Register Template using MS Excel

Operational Risk Register Template

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In an operational environment, both new and ongoing risks need to be addressed. Use this template to track both kinds of risks for your operations, and record how the impact of ongoing issues changes after you implement mitigation strategies or controls.

Data Protection Risk Register Template

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Risks to data can come from external or internal sources — they may be one-time events or ongoing problems. Use this data protection risk register template to keep track of the issues that can arise while working to comply with changing data protection mandates and regulations.

Human Resources Risk Register Template

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Download Human Resources Risk Register Template - Excel

Because the human resources department has so many areas of responsibility, risks in HR can be separated into several different categories. Download this HR risk register template to manage risks and divide them into overarching categories in order to better manage them.

Occupational Health and Safety Hazard Risk Register Template

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This occupational health and safety (OHS) risk register template targets the understanding, possible causes, and mitigation strategies involved with any foreseeable health risks and hazards associated with a project. Completing an OHS risk registeris a legal requirement for all projects that have thepotential to impact any person’s health or wellbeing, — use this template to assessany hazards in a workplace, the seriousness of the hazard, and any control factors or features that should be put in place to prevent this hazard from harming anyone involved. Prepare this preformatted template to keep hazards in your workplace at bay and prevent legal or safety issues in the future.

ISO Risk Register Template

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The International Standards Organization (ISO) is a consortium of standards organizations from around the world that create quality standards. Risk assessment is part of the process to qualify for and maintain ISO certification. Use this template when assessing risks processes as part of your ISO certification.

(Video) How To Create A Risk Register [Step By Step Guide]

Clinical Risk Register Template

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The healthcare industry is covered by numerous regulatory bodies, so risk assessment needs to track any laws or regulations that cover changes made in response to identified risks. Mark risks in this template as ongoing or one-time, and each risk can include required resources and actions to stay in compliance with regulations.

What Is Included in a Risk Register?

A risk register is a brief yet informational document that includes many key components that help businesses and individuals identify, assess, and mitigate any risks associated with projects at each phase, from start to finish. These components include the following:

  • Heading and date
  • Project title or ID number
  • Project manager
  • Project category
  • Project impact or risk
  • Risk description
  • Date of risk or impact
  • Risk likelihood
  • Risk owner
  • Risk impact
  • Risk trigger
  • Risk category
  • Risk probability
  • Risk response or action plan
  • Positive and negative response options
  • Alternate response options
  • Cost of action plan
  • Schedule of action plan
  • Risk severity, ranking, and score
  • Mitigation or contingency plan
  • Status of risk (active, not started, ongoing, complete, dormant, retired)

You can include additional components in your risk register as well, such as residual risk, action progress, response effectiveness rating, and threat responses. Often, the risk register is included in a project’s work breakdown structure, a tool that visually breaks down a project into separate deliverables and individual components needed to complete the work. Doing so helps teams gain the most comprehensive sense of what the project entails and how to complete it.

Why Is a Risk Register Necessary?

Using a risk register adds structure and consistency to the project risk management process by having a readily-available document that targets each individual risk before it occurs. Both the Project Management Body of Knowledge (PMBOK) and Prince2 state that a risk register template is a key component of any successful project. Additionally, you can review risks at the end of each phase of a project lifecycle and assess how well each risk was handled or how proposed remedies aided in the controlof the specific risk.

You should incorporate arisk register at the beginning stages of theproject planning process. When updated regularly and shared with team members, a risk register serves as a useful tool to manage and reduce the risks associated with any given project.

Additionally, using a risk register during business planning can help you to do the following:

  • Providea documentation of risk strategies
  • Gradeall potential risks
  • Ensurecommunication with key stakeholders and senior management, should risks come into effect
  • Identifymitigation actions required to solve a risk or its impact
  • Forecastand preparing a strategy for inevitable risks
  • Flagunidentified risks through open communication and input from team members
  • Instigate actions to reduce probability and potential impact

Although risk register templates are extremely useful for project owners as they work to identify risks and combat them, there are some downfalls in preplanning for risks someticulously. Sometimes, doing socan lead to ritualistic decision making and give a false illusion of control over situations. However, not all risks can be foreseen, which can lead to a fallacy of concreteness in project plans. Keep an open mind to ensure these downfalls don’t plague your projects, even as you begin to identify and solve risks before they arise.

Tips For Creating a Risk Register Template

As you create your risk register template for your project, keep these tips in mind to create the most effective, comprehensive documentation of risks.

  • Create the plan when the project is approved as part of the project proposal or brief. Doing so ensures that all potential risks are analyzed and covered within the risk register, which can minimize potential impacts on projects if the risks come to fruition.
  • Include active risks in project status reports to maintain visibility. This keeps all team members and stakeholders on the same page, which ensures transparency.
  • Identify new risks or update risks as the project progresses. Risks can pop up at any time, and keeping your risk register updated throughout the project guarantees that visibility and mitigation strategies will never falter.
  • Assign each risk a separate identification number to ensure continuity and clarity. Performing this step will eliminate any confusion when it comes to each risk and its subsequent mitigation plan, especially for large projects with many potential risks.
  • Define risk impacts and probabilities in a manner that is easy to understand (i.e. low, medium, and high). Streamline risk and impact terminology so all team members and stakeholders understand how a risk could impact a potential project.
  • Review the risk register regularly, especially before progressing to the next phase of the project. This step will ensure that all potential risks are up to date as the goals or targets of the project shift.
  • Do not skip the process of creating a risk register. Risks can occurat any time, and it is important to stay ahead of them and have an action plan in mind.

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FAQs

How do you write a risk register risk? ›

How to use a risk register
  1. Step 1: Identify potential risks. The first step is to identify and list all the potential risks that could delay or derail your project. ...
  2. Step 2: Analyze those risks. ...
  3. Step 3: Develop individual response plans for each risk. ...
  4. Step 4: Assign responsibility to each risk.
18 May 2022

How do you create a risk document? ›

Here's how to fill out each:
  1. Risk analysis: Identify potential risks (and then document and prioritize them) ...
  2. Evaluate and assess the consequence, impact, and probability of each potential risk. ...
  3. Assign roles and responsibilities to each risk. ...
  4. Come up with preventative strategies for each risk.
3 Apr 2020

What is a sample risk register? ›

A risk register captures each identified risk associated with a project. Often it contains the risk description, the risk number, the risk owner, a mitigation strategy, a proposed response, summary information regarding risk analysis and the current status of the risk.

Can you write your own risk assessment? ›

The law requires you to do everything 'reasonably practicable' to protect people from harm. You can work this out for yourself, but the easiest way is to compare what you are doing with good practice.

What is 5x5 risk matrix? ›

What is a 5x5 Risk Matrix? A type of risk matrix that is visually represented as a table or a grid, a 5x5 risk matrix has 5 categories each for probability (along the X axis) and impact (along the Y axis), all following a scale of low to high.

How do you create a simple risk matrix? ›

How do you calculate risk in a risk matrix?
  1. Step 1: Identify the risks related to your project. ...
  2. Step 2: Define and determine risk criteria for your project. ...
  3. Step 3: Analyze the risks you've identified. ...
  4. Step 4: Prioritize the risks and make an action plan.
13 May 2022

What makes a good risk register? ›

At a minimum, each risk filed into a risk register should contain a description of the risk, the impact to the business if the risk should occur (e.g. costs), the probability of its occurrence, the risk owner(s), how it ranks overall relative to all other risks, and the risk response.

What are the 5 risk categories? ›

There are five categories of operational risk: people risk, process risk, systems risk, external events risk, and legal and compliance risk.

What are the 8 risk categories? ›

Risks Associated With International Activities

3 The OCC has defined eight categories of risk for bank supervision purposes: credit, interest rate, liquidity, price, operational, compliance, strategic, and reputation. These categories are not mutually exclusive.

What are the 4 main categories of risk? ›

The main four types of risk are:
  • strategic risk - eg a competitor coming on to the market.
  • compliance and regulatory risk - eg introduction of new rules or legislation.
  • financial risk - eg interest rate rise on your business loan or a non-paying customer.
  • operational risk - eg the breakdown or theft of key equipment.

What are the 5 things a risk assessment should include? ›

You can do it yourself or appoint a competent person to help you.
  • Identify hazards.
  • Assess the risks.
  • Control the risks.
  • Record your findings.
  • Review the controls.
10 Oct 2022

What are the 5 areas that a risk management plan should include? ›

Risk management plan process.
  • Step 1: Identify potential risks. ...
  • Step 2: Create a risk assessment plan. ...
  • Step 3: Assign ownership for each potential risk. ...
  • Step 4: Create preemptive responses. ...
  • Step 5: Continuously monitor risks.
18 Mar 2022

How do you create a risk checklist? ›

How to Create a Risk Management Plan & Risk Register
  1. Define your approach through the risk management plan. ...
  2. Use your risk management plan to create your risk register. ...
  3. Identify risk events and the potential impact of those risks. ...
  4. Analyze, prioritize, and assign risk. ...
  5. Plan your risk response.
18 Sept 2020

Is a risk register a legal requirement? ›

There is no specific regulatory requirement to keep a risk register—if you decide to do so, the data you capture is entirely up to you.

Who should own a risk register? ›

A: Every risk needs an owner, and it's usually 2-3 layers deep. First, you have the actual “risk owner,” who is typically an executive who's responsible for managing and controlling identified risks. This is the big-picture person.

How do you write a simple risk assessment? ›

  1. The Health and Safety Executive's Five steps to risk assessment.
  2. Step 1: Identify the hazards.
  3. Step 2: Decide who might be harmed and how.
  4. Step 3: Evaluate the risks and decide on precautions.
  5. Step 4: Record your findings and implement them.
  6. Step 5: Review your risk assessment and update if. necessary.

Can anyone carry out a risk assessment? ›

It is the responsibility of the employer (or self-employed person) to carry out the risk assessment at work or to appoint someone with the relevant knowledge, experience and skills to do so.

Do small businesses need risk assessments? ›

Note that if you have five or more employees, you have a legal obligation to have a written risk assessment. But even if you have fewer than five employees and therefore no legal obligation, you might find it useful to write a risk assessment anyway so that you have a record and you can review it at a later date.

Is there a standard format for risk matrix? ›

In 2019, the three most popular forms of the matrix were: a 3x3 risk matrix (OHSAS 18001) a 5x5 risk matrix (MIL-STD-882B) a 4x4 risk matrix (AS/NZS 4360 2004)

What are Level 1 Level 2 and Level 3 risks? ›

Risk Level & Designation Determination

There are three risk levels: Level 1 (low risk of repeat offense), or. Level 2 (moderate risk of repeat offense), or. Level 3 (high risk of repeat offense and a threat to public safety exists).

What is a simple risk matrix? ›

​​​​​​​​​​​​​​​The Simple Risk Matrix relies on probabilit. y and severity scores of high, medium or low to assign relative risk rankings. The colour-coding in the matrix provides you with a visual sense of the relative priority attached to a hazard.

What are the 3 components of risk profile? ›

A risk profile examines: the nature and level of the threats faced by an organisation. the likelihood of adverse effects occurring. the level of disruption and costs associated with each type of risk.

What are the key components of a risk register? ›

Components of a risk register
  • Risk identification number. The first step to filling out a risk register is to record the risk identification number. ...
  • Date of entry. ...
  • Risk description. ...
  • Likelihood that risk may occur. ...
  • Potential impact of risk. ...
  • Intensity of risk. ...
  • Owner of risk response. ...
  • Preventative actions.

What are the disadvantages of risk register? ›

As decision-making happens outside of this risk register process, the register itself provides little value for making important decisions of consequence and can become outdated quickly.

What is the difference between risk assessment and risk register? ›

A risk register is typically a document that lists all the risks, identified either by the company or a project manager, in order of importance. On the other hand, risk assessment is a process that identifies a particular risk, evaluates and priorities it.

What are the top 10 risks overall? ›

Top 10 Op Risks 2022
  • Talent risk.
  • Geopolitical risk.
  • Information security.
  • Resilience risk.
  • Third-party risk.
  • Conduct risk.
  • Climate risk.
  • Regulatory risk.
31 Mar 2022

What are the 11 principles of risk management? ›

Here are 11 principles to consider for your business risk management plan:
  • Create and protect value. ...
  • Be integral to your process. ...
  • Be part of decision making. ...
  • Explicitly address uncertainty. ...
  • Be systematic, structured and timely. ...
  • Be based on the best available information. ...
  • Be tailored.

What are the 2 main types of risk? ›

The two major types of risk are systematic risk and unsystematic risk. Systematic risk impacts everything. It is the general, broad risk assumed when investing. Unsystematic risk is more specific to a company, industry, or sector.

What are the three most common types of risk? ›

There are three different types of risk:
  • Systematic Risk.
  • Unsystematic Risk.
  • Regulatory Risk.

What are the 3 levels of risk? ›

1.3 Risk levels

We have decided to use three distinct levels for risk: Low, Medium, and High. Our risk level definitions are presented in table 3. The risk value for each threat is calculated as the product of consequence and likelihood values, illustrated in a two-dimensional matrix (table 4).

What are 4 risk assessments? ›

risk assessment is conducted through four processes: hazard identification, dose-response assessment, exposure assessment, and risk characterization.

What are the five 5 measures of risk? ›

The five principal risk measures include the alpha, beta, R-squared, standard deviation, and Sharpe ratio.

What are the 6 elements of risk? ›

This article describes the steps in the process — your job is to put them into action as soon as possible.
  • Step One: Identify Risk. ...
  • Step Two: Source Risk. ...
  • Step Three: Measure Risk. ...
  • Step 4: Evaluate Risk. ...
  • Step 5: Mitigate Risk. ...
  • Step 6: Monitor Risk.
10 Jan 2018

What are the 6 types of risk factors? ›

3.2, health risk factors and their main parameters in built environments are further identified and classified into six groups: biological, chemical, physical, psychosocial, personal, and others.

What is a risk checklist? ›

Risk checklists are a historic list of risks identified or realized on past projects. Risk checklists are meant to be shared between Estimators and discipline groups on all projects.

What are the three 3 steps in risks assessment? ›

A risk assessment is a written document that records a three-step process: 1 Identifying the hazards in the workplace(s) under your control. 2 Assessing the risks presented by these hazards. 3 Putting control measures in place to reduce the risk of these hazards causing harm.

What is an example of a risk assessment? ›

Here are common risk assessment examples: Health and Safety Risk Assessment – a type of risk assessment used by safety managers to determine health and safety risks associated with the job, work environment, and current processes. Hazards can be identified as biological, chemical, energy, environmental, and the like.

What are 4 basic strategies to manage risk? ›

There are four main risk management strategies, or risk treatment options:
  • Risk acceptance.
  • Risk transference.
  • Risk avoidance.
  • Risk reduction.
23 Apr 2021

How do you write a risk management plan examples? ›

Follow these steps to create a risk management plan that's tailored for your business.
  1. Identify risks. What are the risks to your business? ...
  2. Assess the risks. ...
  3. Minimise or eliminate risks. ...
  4. Assign responsibility for tasks. ...
  5. Develop contingency plans. ...
  6. Communicate the plan and train your staff. ...
  7. Monitor for new risks.
20 Oct 2022

How many risks should be on a risk register? ›

As noted earlier, for top-level control the aim should probably be to concentrate on no more than twenty risks.

What does a good risk register look like? ›

At a minimum, each risk filed into a risk register should contain a description of the risk, the impact to the business if the risk should occur (e.g. costs), the probability of its occurrence, the risk owner(s), how it ranks overall relative to all other risks, and the risk response.

What steps are involved in the creation of a risk register? ›

You'll notice that the risk register addresses risk management in four key steps: (1) identifying and classifying risks, (2) analysis, (3) evaluation, and (4) solutions and monitoring.

What are the 5 risk levels? ›

Most companies use the following five categories to determine the likelihood of a risk event:
  • 1: Highly Likely. Risks in the highly likely category are almost certain to occur. ...
  • 2: Likely. A likely risk has a 61-90 percent chance of occurring. ...
  • 3: Possible. ...
  • 4: Unlikely. ...
  • 5: Highly Unlikely.
18 Mar 2021

What are the 10 golden rules for project risk management? ›

Project Risk Management: 10 Golden Rules Every Project Manager Should Follow
  • Have a Risk Management Strategy. ...
  • Keep an Eye Out For Risks from the Start. ...
  • Involve Team Members. ...
  • Do a SWOT Analysis. ...
  • Appoint Risk Owners. ...
  • Prioritize Risks. ...
  • Conduct Detailed Risk Analysis. ...
  • Implement Risk Response.
21 Oct 2019

What are the 4 risk categories? ›

The main four types of risk are:
  • strategic risk - eg a competitor coming on to the market.
  • compliance and regulatory risk - eg introduction of new rules or legislation.
  • financial risk - eg interest rate rise on your business loan or a non-paying customer.
  • operational risk - eg the breakdown or theft of key equipment.

What are the five 5 sources of project risk? ›

Some commonly experienced project risks include:
  • Technology risk. The technological aspect of running a project is a complex deliverable because there is a high turnover of new and advanced technologies. ...
  • Communication risk. ...
  • Scope creep risk. ...
  • Cost risk. ...
  • Operational risk. ...
  • Skills resource risk. ...
  • Performance risk. ...
  • Market risk.

Who completes the risk register? ›

It is the responsibility of the project manager to ensure that the risk register is updated whenever necessary. The task of updating the risk registers is usually delegated to the project control function.

Who is the owner of a risk register? ›

A risk owner is an accountable point of contact for an enterprise risk at the senior leadership level, who coordinates efforts to mitigate and manage the risk with various individuals who own parts of the risk.

When can you first start filling out the risk register? ›

Even including a simple spreadsheet in your project plan can help you track and mitigate risks. Similarly, while a risk register is typically created during the project's execution phase, it is never too early to begin thinking about risk management. Risk management should start as soon as project planning does.

Videos

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4. A Project Manager's Guide to Creating a Risk Register
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