Risk Summary and Details

“Risk Summary and Details” serve as a condensed yet comprehensive overview of potential threats. This section succinctly captures the essence of each risk, combining brevity with crucial details. It acts as a quick reference, fostering efficient communication and informed decision-making within the team.

For example, consider a retail company that identifies a significant risk of supply chain disruption due to geopolitical tensions. The company would first categorize this under “Operational Risk” and assign a risk owner, likely from their supply chain management team. The owner would then assess the risk’s impact, considering factors like potential delays, increased costs, and revenue loss. To mitigate this risk, the company might diversify its supplier base or increase inventory levels of critical products. This approach ensures that risks are not only identified but also effectively managed to minimize their impact on the company’s operations and objectives.

Risk Summary and Details

The top section of the risk details page contains the risk name, impact, ownership, reporting groups, categories, subcategories, risk impact, and risk over threshold level.

It is designed to provide you with a quick snapshot of the risk so you don’t have to read through the details.

The following screenshot shows the risk details.

Risk Assessment

The Assessments tab provides the details of the assessments to help you understand the impact of the particular risk. It gives you a brief summary of how the risk was assessed, along with any relevant details to help determine its financial and business impact and likelihood. You can set the next assessment date to decide when this risk will be reviewed again.

Treatment Plan

The treatment plan tab describes how you will be treating your risk. You can use controls to mitigate risks, leverage treatment plan tasks, or use a combination of both. This section helps you define a strategy to reduce risk and an action plan to implement the strategy. 

The following screenshot shows the “Treatment Plan” tab.

Risk Calculation

You can view risk calculations by clicking on the “View Risk Calculation” link. This will give you an overview of what each risk level means. You can click on the “Contact Us to Change Numbers” link to modify the input numbers or the ranges documented. To learn more, refer to the “Treating Risks with TrustRegister” article.

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