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A risk register is an essential tool in project management that focuses specifically on identifying, documenting, and managing risks associated with a project. Its primary purpose is to capture all potential risks along with their assessment, mitigation strategies, and monitoring plans, allowing project teams to proactively address issues that could negatively impact project objectives.

Within the risk register, project managers can list identified risks, categorize their likelihood and impact, establish response strategies, and assign responsibilities for monitoring and managing these risks throughout the project lifecycle. This allows for a structured and systematic approach to risk management, helping the project team to minimize potential disruptions and enhance project success.

The other options pertain to different aspects of project management. For instance, while tracking expenses and budget allocations is crucial for financial oversight, it is not related to risk management. Similarly, communication with stakeholders about project progress and outlining the project scope and objectives serve distinct functions that are important for overall project alignment and transparency, but they do not encompass the specific focus and utility of a risk register. Thus, option C rightly captures the defining role of a risk register in a project.