Risk Management > Common > Risk Register - All

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. The progression of risk cases should be managed continuously.

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
  • Risk register - New : Register a new risk case with the wizard

Note

List pages can help reduce the time that it takes to complete some daily tasks in Microsoft Dynamics AX. You can use list pages to view a list of similar records, select a record, and then perform actions against that record. There are two types of list pages: primary and secondary. Primary list pages display a set of records, and secondary list pages display a subset of those records. You must have security access to a primary list page to view the secondary list pages that are based on it.

When the Risk Register is opened from the common (menu) or the area page, it will open the form as a primary list page. From this view you can select a risk record and click on EDIT to open the detail or grid view to perform actions against the selected record. List pages display multiple records as a list, or a series of rows and columns. You can sort the data in the list and use filters to display subsets of the list items. You can also click links to display specific records, if records are available.

Select multiple rows in a list by using check boxes to filter on specific records. Filter the information in a list by using a quick filter or an advanced filter. Save an advanced filter as a Cue on a Role Centre page.

Tasks that use this form

Create new risk

Update/maintain a risk

Navigating the form

The following tables provide descriptions for the controls in this form:

Risk Action Pane

Control name

Description

Risk New

Create a new Risk

Edit

Edit a risk record

Delete

Delete a risk record

Setup

The function is used to add setup information

  • Risk Characteristics
  • Risk Actions

Additional information

The function is used to add additional information

Refresh

Refresh the page

Export to Microsoft Excel

The function is used to export selected data to Microsoft Excel

Attachments

This button is a document handling function

Manage Action Pane

Control name

Description

Change specification

This function will allow you to change the risk priority specifications. (Type, Impact and Likelihood)

Update characteristics

This allow for the update of risk characteristics and risk actions created for this risk type.

Refer a risk

This function is used to refer the risk and give a reason for the referral.

Analyse Action Pane

Control name

Description

Incident

Create a new incident from this risk.

Cause

Add cause/s related information findings to the risk after analysing and assessment.

Effect

Add the risk consequences/effects related information findings after analysing and assessment.

Risk assumptions and uncertainties

Add assumptions and uncertainties related to risk after analysing of this risk.

Risk related

Maintain the risk related information for the selected risk.

History

View the history entries/events for this risk.

Note : Find (Filter on Risk ID)

The filter function can be used to find a specific risk record through pre-defined criteria.

Fields (List Page view)

Field name

Field description

Risk ID

This field is system generated a code or number uniquely identifying the risk that was raised.

Risk Description

This is a short detailed description to define the risk.

Risk type

This field defines specific classification of the different types of risk. This is definable with a base data table. There are many different types of risk that risk management plans can mitigate. Common risks include things like accidents in the workplace or fires, tornadoes, earthquakes, and other natural disasters. It can also include legal risks like fraud, theft, and sexual harassment lawsuits. Risks can also relate to business practices, uncertainty in financial markets, failures in projects, credit risks, or the security and storage of data and records.

Risk Sub-Type level 1

This field defines the next level of classification of the selected risk type. (For example: Risk type = Financial, Sub types level 1 = Accountability, Strategy and External). There can be multiple sub types for a risk type.

Sub-type level 2

Define a unique identifying code for a risk sub-type. This field defines the next level of classification of the selected risk type and sub type level 1. (For example: Risk type = Financial, Sub types level 1 = Accountability, Sub types level 2 = Fraud, Misrepresentation, Incompetent). There can be multiple sub types for a risk type.

Impact

This field defines the impact and is the effect a risk has if it does occur. It can also be defined on a relative scale or mathematically. The definition for impact is developed during risk management planning. The team documents in the project management plan detail how probabilities and impacts are measured. For example, a red/yellow/green scale might be used, where high-probability, high-impact risks are red; low-probability, low-impact risks are green; and so forth. A probability and impact matrix can also be used.

Risk impact defines the assessment of the process for assessing the probabilities and consequences of risk events if they are realised. The results of this assessment are then used to prioritise risks to establish a most-to-least-critical importance ranking. Ranking risks in terms of their criticality or importance provides insights to the project's management on where resources may be needed to manage or mitigate the realisation of high probability/high consequence risk events.

Likelihood

This field defines the likelihood that is the chance that something might happen. Likelihood can be defined, determined, or measured objectively or subjectively and can be expressed either qualitatively or quantitatively (using mathematics).

Priority

To describe the risk “importance” we are using various qualifiers. Two of the most used qualifier is “priority” and “urgency”. The two terms can have similar meaning, which is why they are sometimes used interchangeably. In reality however they both reflect different qualitative dimensions of project risks. Risk priority is per definition the rating resulted by combining the assessed likelihood of a risk to occur (i.e. risk probability) and its projected impact. Risk urgency on the other hand is a different risk dimension, which reflects the time criticality of a risk to occur.

By assessing risk priority managers can identify and focus on the high-priority risks. By appraising risk urgency managers can ascertain the time left before measures or responses would need to be implemented. Actually this is also the main difference between risk priority and urgency: when treating risk priority the main focus is on the impact, whereas while treating risk urgency the main focus is on the measures or responses that are to be implemented. Therefore I see risk priority and risk urgency as complementary dimensions of risks. They both deserve an equally important attention managers.

Date/time reported

This field indicates the date and time when the risk was raised and reported on the system.

Risk status

This field defines the status action of the risk, and indicates in what state the risk is.

See also

Risk Actions

Risk Analysis