Risk Management > Common > Risk Register - New

Risk Register Definition: Risk management refers to a coordinated set of activities and methods that is used to direct an organization and to control the many risks that can affect its ability to achieve objectives. Risk management is the activity of managing all the registered risks which are raised in the organisation or environments.

Risk Register Function: The manage and analysing of all registered risks.

The risk register detail can be viewed in different views:

  • Risk register - All : List of all risks that were raised and created
  • Risk register - Open : List of the risks that are NOT in one of the following statuses = Tolerate; Terminate; Transferred or Resolved
  • Risk register - Due for review : List of all the risks that are in the Tolerate Status

Create a new Risk

The following is an example for the create risk wizard view.

1.      Risk detail: This page provide the details of the new risk to be registered that was observed or identified.

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2.      Resource, object or service code detail: This page provide the detail on either the resource code, object code or service code to define the risk.

 

3.      Observed by and reported by detail: Provide the detail on person who reported and observed the risk.

 

4.      Click on the Finish button to complete the create wizard process for the risk that was observed.

Fields

Field name

Field description

Risk type

Select from the pre-defined risk types the risk area that might be impacted by the risk that was observed. (For example an operational risk)

Risk sub type level 1

Select from the pre-defined risk sub types level 1 the classification risk area that might be impacted by the risk that was observed. (For example personnel risk)

Risk sub type level 2

Select for the pre-defined risk sub types level 2 the further classification risk area that might be impacted by the risk that was observed.

Risk description

This field defines the description of the risk that was observed.

Impact

This field defines the impact and is the effect a risk has if it does occur. Select from the pre-defined list of impacts, the impact level on the risk area.

Likelihood

Select from the pre-defined list the likelihood of the chance that something might happen again or re-occur. Likelihood can be defined, determined, or measured objectively or subjectively and can be expressed either qualitatively or quantitatively (using scale calculations).

Service type

Select from the drop down the service type to define the service line area that will be impacted by this risk.

Service code

This field defines the type = service catalogue and select from the pre-defined service catalogue records the code.

Type of resource

If service type = resource is selected, this field defines the resource type that will be impacted by risk. (For example resource type = Trade)

Resource code

This field defines the resource code that will be impacted by risk. (For example resource code of trades = mechanic)

Object code

This field defines the object that will be impacted by risk. (For example object type = Vehicle)

Structure code

This field defines the structure position that will be impacted by risk.

Specific ID

This field is selected to define the specific asset that will be impacted by this risk.

Observed by

Select the name of the person who observed the risk. The detail of the user who is logged in, will defaulted in.

Date observed

Define the date/time when the risk was observed.

Reported by

The reported by detail will automatically defaulted in from the user detail that is logged in and who have created the risk.