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A risk register serves several essential functions within project management by being a comprehensive document that helps teams identify, assess, and manage risks throughout the project lifecycle. Identifying potential risks is a fundamental activity, as it allows project teams to foresee issues that might affect project outcomes. Additionally, the risk register is used to develop risk mitigation strategies, which are necessary for outlining how to reduce the impact or likelihood of identified risks. Furthermore, tracking the status of identified risks is crucial; this function helps project managers monitor the effectiveness of mitigation strategies and adjust them as necessary.

Detailing the project schedule, however, is outside the scope of a risk register. The project schedule typically belongs in a different document, such as a project plan or timeline, which focuses on the overall timeline and milestones of the project. The functions of the risk register are specifically centered around risk management, ensuring that potential challenges are systematically identified and addressed, rather than documenting the scheduling components of the project.