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Functionality of Risk Register & Risk Prioritization Page
Risk Register Page
The Risk Register page is a centralized repository where all approved risk entries are stored. Each entry is assigned a unique ID upon approval, allowing for easy tracking and management. This page consolidates all risk data, providing a comprehensive view of active risks, their statuses, and associated details. It serves as a critical component for monitoring, updating, and analysing risks, ensuring that all relevant information is accessible for informed decision-making and future problem-solving. Admins and Product admins can see all the risk items that have been created in that module. On the other hand, general users can only see and access to the risks that he is a part of.
Features
- All approved risks and their complete information are stored here.
- Risks can be filtered by their categories and activity status, and a search option is available..
- Once recorded in the Risk Register page, a risk cannot be deleted, but it can be edited.
- When a risk is first approved, it is in the “Initiated” state.
- To update the activity status, users must access the Start Timer option in the editing sub-page.
- After starting the timer, the risk item’s status updates to “In Execution” from “Initiated.” Users can also update the status manually.
- To close a risk, the user must update the status to “Resolved” and then request for closure. The user assigned to the risk closure workflow must then close the risk, updating the status to “closed.” Until then, it will show as partially closed.
- Once closed, a risk will remain in the register record for seven years.
- A note adding feature is also added for suggestions and corrections from teammates.
- Users can add documents to the risk item for future reference by navigating to the Add Document tab.
- Documents can be downloaded after uploading for future need.
- Here is also a Risk Log where every small acts that has been conducted on this entry is recorded.
- Users can convert a risk item into an issue item directly from the Risk Register page.
Risk Prioritization Page
The Risk Prioritization page is a crucial tool for managing and assessing the relative importance of identified risks. This page enables users to rank risks based on various criteria such as impact, likelihood, and cost priority. By providing a clear overview of which risks require immediate attention and resources, the Risk Prioritization page helps organizations focus their efforts on mitigating the most critical threats by presenting data with various graph, heat maps and table. It also allows for the adjustment of priorities as new information becomes available, ensuring that risk management strategies remain dynamic and effective.
Features
- In the PRM module, a time filter is available to filter projects by specific time periods. Additionally, project and risk status toggle filters are provided for a more organized page visualization.
- In the ERM module, SysRisk offers category and activity status filters.
- This page provides a comprehensive visualization of prioritized risks based on different units, featuring various graphical representations.
- A table containing all risks and their definitive information is also available on this page. and the functionality of this table is similar to Risk Register page table..
