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Risk Assessment
Risk assessment builds a detailed understanding of the higher priority risks by examining root causes, and the likelihood of positive and negative consequences occurring. Decisions regarding risk treatments will be governed by effectiveness of existing controls and the organisation's risk appetite.
Risk profile
Record profile information such as risk factors, potential effect, and risk appetite for each risk category. Assign risk ownership at a number of levels (e.g. manager, assignee) to enforce accountability. Encourage risk owners to add commentary and occasional status updates in the Notes panel. Upload supporting evidence files, associated policies and procedures to the Covalent Document Vault.
Configurable risk matrix
Assess risks on a Likelihood/Impact matrix, with each cell position traffic-lighted and equivalent to an overall risk score. Customise the size and configuration of risk scores, likelihood and impact labels and traffic-lighting to match your risk framework. Utilise multiple risk matrices to track opportunities as well as risks.
Aggregate Heat Map
Organise risk registers, and associated sub-risks, into a tree-hierarchy reflecting your organisation's structure. Incorporate multiple risk registers in Heat Maps that show a count of the number of risks at each risk score.
Multiple risk scores
Record separate risk scores (based on likelihood and impact) for original/inherent and current/residual, with different review dates for each. Assign any residual risk a target level, aiming to further reduce the risk by taking additional remedial actions.
Multiple risk Categories
Group information for inclusion in reports or viewing on-screen using Categories for different risk dimensions such as financial, reputational, safety, health, and environment. Define risks in line with Basel III (or similar) event category levels.
Audit trails
Investigate changes to data which Covalent records such as who inputted the data, its source, how and when it was calculated, and why data was changed etc.