Risk Identification & Recording

Capturing risks

Risk Network uses a single screen to capture the information needed to manage all types of risk (for example Strategic, Operational, Hazard, or Project). Inputs such as causation, qualitative or quantitative information on probability and impact, risk owners, associated personnel, controls, actions, and audit information all exists in this single location.

Defining the initial risk profile

Risks can be evaluated for inherent risk (that is, the immediate, uncontrolled, or untreated risk) and assessed for their potential likelihood and impact on the organisation.

Decisions can be made using a simple drop-down to determine the appropriate response (whether to treat, tolerate, transfer, or terminate). Controls can be added with ease - as many as necessary. Each control seeks the information required to ensure it is developed and recorded appropriately. Risk Network also supports the inclusion of pre-defined controls.

Risk evaluation and action plans

Risks can then be evaluated for residual risk (any risk that remains in spite of the controls that have been put in place). If required, any residual risk can be given a target level, aiming to further reduce the risk based on additional actions. This is tied to a date by when this reduced level of risk should be realised.

Action plans, risk owners, and associated personnel can be defined and assigned to the risk to ensure the appropriate level of activity, participation, and response is undertaken. Risk Network allows you to draw in all the necessary resources required to manage a risk against the desired timeline and create an effective audit trail in the process.

Risk review and sign off

Risk Network also includes an effective mechanism for signing off risks across the organisation. This means the organisation can ensure risks at every level within the organisation have been reviewed, managed, and met with approved responses. The sign off process escalates up the organisation, giving confidence to leaders that personnel have engaged and acted in accordance with agreed practice.

Comprehensive user-centric tools

Any user can see at a glance all the objective and risk related items for which they are responsible, or which they are involved with. This includes objectives, risks, controls, actions, and assurance activities.

When combined with the dashboard and proactive alerts, users have a powerful yet easy-to-use toolkit for managing their responsibilities.

Guides make life easy for users

Although all users receive full training on the software, should a user forget the meaning of any label or field within Risk Network, all they need to do is click on that label and a window will open that explains what the field means.

This feature, combined with the software's logical approach, ensures users can confidently and competently participate in your organisation's risk management programme.