Risk Entry Page for ERM
Risk Entry Page
The Risk Entry form is designed to allow users to log, edit, and submit risks associated with specific projects. This form provides a comprehensive interface for capturing details about the risks, assigning responsible individuals, and triggering notifications upon submission. Only users who are associated with the project (admin, manager, user) can log a new risk. Key features and functionalities are described below:
Key Functionalities of the Risk Entry Form
Select a Category
Users can select a predefined category from a dropdown list that includes only the categories they are involved in as users. However, admins and product admins have access to all categories by default.
Basic Risk Information
- Title* : The user can input a concise, descriptive title for the risk.
- Description*: A detailed explanation of the risk can be provided here.
- Risk Resolution: This section allows the user to document the actions taken to mitigate or resolve the risk. SysRisk offers an exclusive feature to generate Risk Resolutions with the help of AI. A dedicated page AIRA(Ai Risk Assistant), is the newest addition to the system.
- Risk Owner*: The individual responsible for overseeing the risk. This dropdown only displays users associated with the selected category.
- Assignee*: The user assigned to manage the risk. Similar to the owner, this field only lists category users.
- Risk Monitor*: Users who will actively monitor the risk progress. This field is also populated with category users.
Risk Scoring System
- Likelihood*: The probability of the risk occurring, typically measured on a predefined scale (e.g., likely, unlikely, etc).
- Impact Severity*: The level of potential damage the risk can cause if it occurs. This is also assessed on a scale (e.g., insignificant, minor, moderat,e etc).
Financial Impact
- Potential Damage: The estimated financial impact the risk might have on the project.
- Mitigation Cost: The cost estimate for mitigating the risk or reducing its impact.
Note: Fields marked with a red asterisk (*) are mandatory when creating a risk entry. If any of these required fields are left blank, the risk entry cannot be submitted for approval. However, the entry can be saved as a draft for further editing.
Approval Status
- Draft Approval Status: Risks entered will have a default status of ‘Draft.’ These draft items are displayed in a table below the form. Users can edit draft risks, make changes, and save them for review or request approval.
- Approval Request: Once all fields are completed and the risk is saved, the user can request approval, sending the risk into an approval queue.
Risk Monitor Field and Notifications
Risk Monitor Field
The Risk Monitor field allows users to select individuals from the project team who will be responsible for monitoring the risk’s progress. Multiple monitors can be assigned depending on the project requirements.
Email Notification System
- Automated Notifications: Once a risk is created or edited, the system sends email notifications to the following individuals:
- Risk Owner: The individual responsible for the risk.
- Assignee: The user managing the risk.
- Risk Monitors: All users assigned to monitor the risk.
- Notification Workflow: The notification system runs through the Risk SLA Notification system, ensuring that the alerts are sent on time based on the predefined service level agreement (SLA). The notification includes:
- Risk details (title, description, category, severity).
- Actions required (e.g., review, update, approval).
- SLA deadlines or milestones.
- Editing and Approving Risks
Editing Risk Items
- Draft Risks Table: The table below the Risk Entry Form displays all risk items in ‘Draft’ status. Users can:
- Edit existing risks.
- Save changes to the risk form.
- Submit the risk for approval.
Approval Queue
- Approval Request: After editing and finalizing a risk, the user can submit it for approval. This action:
- Changes the status from “Draft” to “In queue”.
- Notifies the relevant project admin or manager for review and approval.
In both the Risk entry and the Risk Approval Queue page. In case of rejection or changes requested from the Risk Approval Queue page, the entry gets removed from the Risk Approval Queue but remains in the Risk Entry page with relevant status and notifications. A risk entry can only be deleted from this page until it gets approved. Once an entry gets approved, it stays in the system for a long time. Also, the category of a risk entry can be edited in this phase. After approval, everything can be edited except the
