Risk Intelligence and Reporting

The “Risk Intelligence” page is a visualization of the top metrics driving risk to quickly take action and minimize organizational risk.

The following screenshot shows the “Risk Intelligence” page of the TrustRegister.

Risk Summary: 

1. Residual Financial Impact
2. Risks with No Treatment Plan
3. Risks Without Owner
4. Risks Pass Assessment Date
5. Budget Analysis
6. Residual Risk Rating Distribution
7. Upcoming Risks for Review
8. Top 5 Risk Owners
9. Risks By Group
10. Risks By Category
11. Residual Risk 
12. Residual Financial Impact Over Time 

Note: You can also export these statistics using the “Export” button.

The following screenshot shows the top section of the “Risk Intelligence” page.

Risk Intelligence and Reporting

Residual Financial Impact

The “Residual Financial Impact” section of TrustRegister’s Risk Intelligence refers to the potential financial consequences or losses that may still exist after implementing risk mitigation measures. It represents the remaining financial impact that an organization may face, even if it has taken steps to minimize or control a particular risk. 

Risks with no Treatment Plans

Not having treatment plans for identified risks can expose a project or organization to various challenges. Without treatment plans, risks remain unaddressed, leading to the possibility of their full impact occurring. This can result in financial losses, delays, or other adverse consequences. The “Risk with No Treatment Plan” section gives you the number of risks that do not have associated treatment plans, along with the risks that have no connected controls. This number gives you the number of risks that need immediate attention. 

Risks Without Owner

Risks without assigned owners pose specific challenges and potential consequences for effective risk management. Owners are responsible for developing and implementing mitigation strategies. Risks without owners may miss opportunities for proactive measures, resulting in a higher likelihood of the risk materializing and causing negative impacts. When risks don’t have assigned owners, there is a risk of no one taking responsibility for monitoring, assessing, and mitigating the risk. The section “Risks without Owner” gives you the number of risks that do not have an assigned owner. 

Risks Past Assessment Date

The assessment date is crucial for ensuring that risk information remains current. Risks that are past their assessment date may have outdated information, making it challenging to make informed decisions based on the latest risk factors. Timely risk assessment is essential for identifying and implementing mitigation actions promptly. Risks with outdated assessments may experience delays in implementing necessary measures, increasing the likelihood of negative consequences. The “Risks Pass Assessment Date” gives you the number of risks that are overdue for assessment. 

Budget Analysis

Budget analysis involves evaluating and assessing the financial implications of identified risks on a project or business budget. This process is essential for effective financial management and risk mitigation. “Budget Analysis” section gives you an overview of the 

1. Potential Financial Impact: This refers to the estimated financial consequences or losses that may occur if a specific risk event materializes. 
2. Residual Financial Impact: The residual financial impact is the potential financial consequence that remains after implementing risk mitigation measures. It represents the impact that the organization would still face even with the risk treatment strategies in place. 
3. Budget Allocated: The budget allocated refers to the portion of the overall budget that is specifically set aside or reserved to address potential risks. This includes funds earmarked for risk response activities, contingency reserves, or other financial provisions aimed at managing uncertainties and unexpected events.
4. Budget Requested: The budget requested is the total amount of financial resources initially requested or planned for a project or business initiative. It serves as the starting point for budget analysis and risk assessment.

Residual Risk Rating Distribution

This section provides a visual representation of the remaining risk exposure, allowing stakeholders to quickly grasp the distribution of risks and their potential impacts. The number of residual risks with “Very Low”, “Medium” and “Very High” ratings is displayed here.

Upcoming Risks for Review

The “Upcoming Risks for Review” section typically refers to risks that are scheduled for reassessment or review during a specific timeframe. The purpose of identifying and labeling these risks is to ensure that the risk management process remains dynamic and adaptive throughout the project or business initiative. This section gives you details about the risk name, next assessment date, owner and residual risk.

Top 5 Risk Owners

These are the top 5 owners who are responsible for the maximum number of risks.

Risks By Category

Risk by category refers to the analysis or reporting of risks categorized by their respective risk categories or types within an organization’s risk management framework. This approach allows stakeholders to gain insights into the distribution and nature of risks across different categories, facilitating informed decision-making and prioritization of risk management efforts.

Residual Risk and Residual Financial Impact Over Time

This graph focuses specifically on the financial aspect of residual risk. It provides a visual representation of how the financial impact of remaining risks changes over the project’s timeline. The graph visually represents how the severity of residual risk changes throughout the course of a project or a specific timeframe. This graph is crucial for project managers and stakeholders to understand the evolution of risks even after mitigation measures have been applied.

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