Risk completion status

“Risk completion status” indicates the current stage of the risk management process for a specific risk. In TrustRegister, this status provides visibility into the progress of risk identification, assessment, and mitigation efforts.

Purpose

1. Tracks the status of risks within the risk management lifecycle.
2. Enhances transparency for teams and stakeholders.
3. Ensures accountability in risk mitigation efforts.

Users can update and monitor completion status to reflect progress and ensure timely resolution of risks.

Risk completion status

Risk completion status in TrustRegister tracks the progress of risk assessments and mitigation efforts. Risks move through four statuses:

1. Not Started
   1. The assessment has not been completed.
   2. The user needs to initiate a formal risk assessment.
2. In Progress
   1. The assessment has begun but is incomplete.
   2. Treatment plans have not been defined.
   3. This stage is used when evaluating the impact and mitigation strategy.
   4. Risks should not remain in this status for more than two weeks.
3. Monitoring
   1. TrustCloud is monitoring the risk.
   2. Users can run automated assessments at any time.
   3. No user action is required.
4. Due for Review
   1. Risks require periodic review.
   2. TrustRegister will issue alerts based on the next scheduled assessment.
   3. Users must review the risk and update the next assessment date to maintain compliance.

Note: Risk moves from the status of “Not Started,” “In Progress,” and “Monitoring” and finally to “Due for Review.”

Read our GRC Launchpad articles on risk management to learn more.

The following screenshot shows the different risk completion statuses.

Risk details

Each risk in TrustRegister includes tracking for its assessment phase. Since the “In Progress” phase presents the highest risk to the organization, a draft and publish workflow is available for the assessment and treatment sections. This workflow allows users to draft, review, and finalize risk assessments before they are officially recorded.

The following screenshot shows the risk details page with an assessment and treatment status of “Due For Review.”

Assessment process

1. Start the assessment
   1. Initiate an assessment to move the risk into “In Progress” status.
   2. Save a draft assessment while gathering input from business leaders.
   3. Once finalized, click “Mark Assessment Complete” to proceed.
2. Identify problem areas
   1. Review the assessment findings to determine risk factors.
   2. Proceed to the “Treatment Plan” section for remediation.
3. Implement treatment plan
   1. Add necessary controls and tasks to mitigate risk.
   2. Once mitigation actions are completed, click “Mark Treatment Plan Complete.”
4. Monitoring and review
   1. The risk status transitions to “Monitoring.”
   2. TrustRegister will send alerts based on the next assessment date to ensure timely reviews.

“Risk Completion Status” in TrustRegister represents the current stage of the risk management process for a specific risk. It helps teams and stakeholders track progress in assessing, mitigating, and monitoring risks while ensuring transparency and accountability. By utilizing this system, organizations can systematically track risks, ensure compliance, and minimize potential negative impacts.