If you have been assigned a risk to review it will be displaying on your main personal dashboard under My Tasks. You can either click into the risk from there, or select Risk Register on the side menu and choose the risk you wish to review or rescore.
The process for reviewing and rescoring are very similar. When rescoring a Risk simply select the Score option when starting the review process.
Select Review Risk on the top panel of the risk.
There are up to 5 areas of a risk you can review (Scope will only appear if your organisation has purchased the Enhanced Risk Register). You can jump to a particular area by selecting the option you wish to review, or you can work through each area sequentially.
You can edit any of the information about the risk and select Next to continue.
This option will only appear if your Organisation has purchased the Enhanced Risk Register.
Here you can change the scope by selection whether this risk related to the Organisation, or either a Location or Region. For location and region you will also need to select the specific areas in question, these have been created by system Administrators.
The scope selected will also help determine who can see the risks, i.e. if a user has permission for their given location, they may be able to see all risks for their location, but not any risks for other locations.
To amend the current score select the new Consequence and Likelihood. 1 option from each matrix must be selected to continue. These options may differ depending on your system configuration.
Select the Next review date
Set the Pending Period - this is the period of time prior to the next due date that the risk will show as Pending and appear on the person responsible's My Task list on their personal dashboard.
Choose the Risk Appetite and Response. These default to Not Applicable but can be easily change.
Risk Appetite - The risk appetite definition is “the amount and type of risk that an organisation is prepared to pursue, retain or take" (ISO 31000).
Response - How are you going to deal with this risk?
- Transfer - Transfer the risk to a 3rd party, e.g. an insurance company
- Tolerate - Accept that you will need to take this risk
- Treat - Put action in place to mitigate the risk
- Terminate - put plans in place to remove the risk altogether
- Take the Opportunity - Some risks may have a positive opportunity associated with them, by taking the opportunity you are exploiting the positive impacts of a risk
You can set or review the target score for this risk. To set a new score, simply select the new description in both Consequences and Likelihood. You are required to select 1 option from each matrix. These options may differ depending on your system configuration.
To complete your Review or Rescoring
Once you are happy with your review please select Complete Review at the end of the Target page.