Risk Completion Status

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“Risk Completion Status” usually refers to the current status or stage of the risk management process for a particular risk. “Completion Status” in TrustRegister helps teams and stakeholders understand the current state of each identified risk and the progress in managing or mitigating those risks. It enhances transparency and accountability in the risk management process.

Risk Completion Statuses

There are four statuses 

  1. Not Started: Assessments have not been completed and the user needs to begin a formal risk assessment 
  2. In Progress: The assessment exercise has begun but has not been completed. Treatment plans have not yet been defined; this is typically used when risk professionals are determining the impact and mitigation strategy of risks. Risks should not stay in this status for more than 2 weeks 
  3. Monitoring: TrustCloud is monitoring the risk and users can run auto assessments to assess the risk at any point. No action is needed from the user 
  4. Due For Review: Risks need to be reviewed periodically and TrustRegister will alert you based on the next assessment date of each risk. The risk must be reviewed and the next assessment date updated in order to keep the risk program on track and meet compliance requirements

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

The following screenshot shows the different risk completion statuses.

Risk Completion Status

Risk Details:

Within each risk, users can easily keep track of what phase of the assessment the risk is in. As “In Progress” phase is when the organization is at greatest risk, we have introduced a draft and publish workflow for the assessment and treatment section of a risk.

The following screenshot shows the risk details page with an assessment and treatment status of “Not Started”.

Risk Completion Status

Assessment: 

Start by conducting an assessment, which will move the entire risk into “In Progress”. You can save a draft assessment as you work with business leaders to gather more information. When you finish with the assessment, click on “Mark Assessment Complete” button.

This will help you understand the problem areas. Once the problems are identified, move to the “Treatment Plan” section to fix them. Start with treatment or remediation by adding controls and tasks to continue reducing risk. When the risk is mitigated, click on “Mark Treatment Plan Complete” button.

This will take the entire risk into “Monitoring” status and will alert you when the next review date is due, depending on the “Next Assessment Date” selected. 

To learn more about TrustCloud’s TrustRegister, click here!

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