Risk Closure Complete Procedure
Closing a risk is a more complex procedure compared to updating other risk activity statuses. It resembles the process of approving a risk item, as both require multiple levels of approval. Because recording and managing a risk item in the software demands various approvals, closing a risk entry also necessitates several approvals. Therefore, unlike other status updates, we provide a dedicated page for risk closure due to the intricate nature of the process.
Step-by-step Process
1. First, the admin or product admin must log in to their SysRisk account.
2. The user then navigates to their desired product (ERM or PRM).
3. Moving to the Products(ERM or PRM) will display the product options, from which the user must go to the Workflow page.
4. On the Workflow page, the user will find a table named “List of Enterprise Workflows.” In the table, on the right side of “Enterprise Risk Closure Workflow,” a user icon will be visible.
5. Clicking on that icon will show a box with the names of users already in the workflow, along with a dropdown menu to add other users to the workflow. Add the desired users and press submit.
6. Now, if someone associated with a risk closes a risk on the Risk Register page after resolving it, the status will be marked as “resolved”.
7. The risk item will be sent to the users added to the risk closure workflow, and it will appear on their Risk Closure page with an “Initiated” status, indicating the beginning of the risk closure process.
8. Those users must then fill in the form to execute the process. If any one of the users fills in the form, the risk entry becomes eligible for closing. Users also have the authority to “Reject” or “Request for Change” options besides “Close,” similar to the Risk Approval process.
9. If there are multiple users in the workflow after one user closes the risk item, the status of the risk item updates to “Partially Completed” on the Risk Closure page and “Partially Closed” in the Risk Register page. Only if all of the users (associated with the workflow) close the risk in their Risk Closure page will the activity status be “Completed” on the Risk Closure page and “Closed” on the Risk Register page. The risk will then move to the Risk Register from Risk Closure as a closed risk for several years.
