Managing Risks
Using the configured Risk Model for the Registry, we can compute the Rating for each Risk, choose an action plan to lower the Rating, designate a Collaborator to oversee it, and then recalculate the Rating post-implementation of the action plan.
In the image below, on the right, we see a selected Risk's Manage tab.
Calculating the Initial Grade
To get our Risk's Initial Grade Rating, we selected its Probability and Impact and got a Medium Rating (marked with an arrow below).
The Rating is determined by the assigned Model, providing us with valuable insights and understanding.
Selecting a Risk Treatment Plan
On the Risk Treatment drop-down menu, we select a plan of action to reduce the Risk's Rating.
Once the Plan is chosen, we'll appoint a Collaborator to oversee it, establish a scheduled date for implementation, and outline the necessary actions for achieving the risk reduction plan.
The last part is calculating the Residual Grade.
After implementing the risk-reduction plan, we'll choose the estimated Probability and Impact scales for the Risk. Now, we can observe the Rating for the Risk following the completion of the plan.
On the Registry page, we can now see each Risk along with its initial Rating and the subsequent Residual Rating after the risk-reduction plan will be implemented.
Table View
Another option for viewing and editing a Risk is the Table view toggle button (marked with an arrow below).
While on Table View, we can enter all Risk information, including its name, description, Initial and Residual Risk Analysis, and the Plan of action.
Scrolling through the Table view, we see all available Table actions, including the Plan Owner assignment option, and the Scheduler.
To return to the Risk Management guide hub, click here.
To return to the main guide hub, click here.
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