Guide to getting started with Risk Manager.
You will need to register for a new account before you can access Risk Manager.
Create a Project or Organization
Click on "Risk Register" on the main menu. You will be taken to a blank risk register. You must first create a "project" or "Organization" by clicking on the menu in the top right corner. The project or organization is the overall thing that risks can impact. In the future this first page will display all risks from all projects allowing you to quickly navigate to a given risk.
Add Project/Organization Risks
You can now add risks by clicking on "Add" at the top right and then adding a risk with relevant details. Risk name is a required field while all other fields are optional but it is recomended you complete at least one other field. It is also highly recomended that organizations maintain a consistent approach in classifying risks.
Record Relevant Data
Risk Manager currently allows users to record the following data relevant to risk exposures:
- Risk Name - A description name to identify the risk.
- Start Date - The date the risk the risk becomes relevant. For example, in a startup business interuption is not a relevant exposure until the busisiness is operating.
- Expirey Date - The date the risk is no longer relevant. For example, in project management the risk of not finishing a given task on time expires when the task is finished.
- Low Severity - Risk Severity is often a moving scale with a low point and high point. For example, the severity of an earthquake depends largely on a number of factors including epicenter, location, population impacted, etc. The low severity might be 1 while the high severity of an earthquake might be 9 or 10.
- High Severity - The worst-case-scinario for a given risk. See above for examples.
- Low Frequency - Similar to severity, frequency is a moving scale with a low point and a high point. Consider the risk of employee theft, it can happen very regularly in the event of poor hiring practices or very rarely.
- High Frequency - The worst case scinario for a given risk. See above for an example.
- Likelihood - This field is somewhat similar to frequency. The likelihood a risk is going to accur is generay on a percentage scale from 0-100%. Think of it this way, over the course of the project or organization how likely is it that the given risk exposure will occur. 100% would imply absolute certainty it will occur while 0% would imply the risk will never occur. 50% would imply a risk is just as likely to happen or not happen.
- Dollar Cost - If the risk does occur, what will the likely/average cost to the organization be. This can be a challenging number to assign but if the organization can determine a likely cost combined with frequency/likelihood it becomes possible to budget and plan for risk.
- Time Cost - Similar to the dollar cost of a risk exposure, the occurence may also cause project delays, production delays, or time spent mitigating the risk that could be spent elsewhere. For example, a lawsuit not only costs an organization money the organization may be unable to continue developing a product during the lawsuit or may have to spend employee time gathering data.
- Other Quantifiable Cost - This is a freeform integer field but the measure and unit of measure must be set at the outset to be of any value. This might be # of impacted customers, # of impacted employees, # of impacted servers, etc.
Search, Edit, & Manage
Quickly & easily search and edit risk exposures by clicking on "Search" and searching for risks by id, name, date, frequency, severity, etc.
Once project/organization risks have been entered visit the dashboard for vlauable insite into relevant risks such as number of high severity high frequency risks. The dollar value of high frequency risks, the total dollar/time cost of highly likely risk exposures, etc.