Risk Assessment

The Risk Assessment object provides functionality to assess and manage the risks associated with a particular project. It also provides the full project risk management capability.

This functionality is already available for environments where both Risk Management and Project Management are activated.

Add a New Risk

Step 01: Enter the risk title and select the correct responsible officer. Then click on the 'Add' icon at the footer.

Field	Description	Mandatory/Optional
Title	Define the name/title of the risk assessment	Mandatory
Responsible Officer	Select the name of the risk assessor from the dropdown list. Risk Assessor is the person who is responsible for monitoring and reporting on risk status.	Mandatory

Step 03: The Risk Titles are hyperlinked. Click on the risk title to navigate to the risk detail page.

Initial Risk Assessment

For each identified risk, the primary details such as the causes, effects and the likelihood of the particular risk are entered in the Initial Assessment section. These are defined during the scoping of the project.

The numbers denotes the following:

2 - View Editing History. A popup window will be displayed with the details.

3 - Perform a spell-check

4 - Delete the Risk.

5 - Close Window

Specify the following details in initial risk assessment section:

Specify the following details in Current Risk Assessment section:

Field	Description	Mandatory/Optional
Management Controls	Specify any management controls	Optional
Risk Criteria:
Effectiveness of Controls	Select the correct effectiveness from the dropdown	Mandatory
Consequence (C)	The level of risk impact on the project	Mandatory
Likelihood (L)	The likelihood of the risk occuring	Mandatory
Risk Treatment	Select the correct risk treatment option	Optional
Risk/Mitigating Action	Add risk/mitigating actions. You can add multiple solutions for a particular risk.	Optional

*Risk Rating will be based on calculations defined by your administrator.

Once you enter relevant details, click Save. You can tract any modifications by clicking on the History 'H' icon.

Future Risk Assessment

The future risk assessment functionality enables you to record project risk rating. If it is a part of your organisation's risk assessment process, you may utilise this section to calculate a future risk rating similar to initial and current risk ratings. Then you can add them to your business/strategic plan.

All amendments done to Risk Assessment via this object will be reflected in the 'Risk' area and vice versa. This is applicable only to 'Approved' projects which are linked to a Service Profile (via the Project Linkage object).

Risk Review

You can complete a Risk Review within this section.

Specify the details and click on Save icon.

Documents

Upload documents and add hyperlinks within this section.

Links

Add any related links. For example: KPIs.

Last revised: November 26, 2017