Question 1

Q1. I am a Default Assignee in the risk workflow, what does that mean?"

Accepted Answer

If you are a Default Assignee, it means that you occupy a position in the risk management workflow and that you will be required to carry out an action, based on the assigned queue status, in the event a new risk is submitted.
You may be a Default Assignee at a company or departmental level. At a departmental level, you will be responsible for an action(s) in the workflow that are submitted and designated as being associated with your department. At a company level, you will be responsible for a stage(s) of the workflow for risks submitted that do not fall within the departmental workflows. This may be due to an absence of a departmental Default Assignee or the risk not being designated as being associated to any department when it was submitted.
 The stages of the workflow for which you may be a default assignee include:
1.       Waiting for Impact Analysis
2.       Waiting for Impact Analysis Approval
3.       Waiting for Control Identification and Analysis of Residual Risk, and the Defining of Action Plans
4.       Waiting for Reviewing Control Effectiveness
Should you be required to carry out an action(s) as a Default Assignee you will be notified via email automatically. You may also assign your designated action to another system user if you believe they are better placed to execute it. Additionally, in the case of completing the impact analysis for a risk, a user may fill in part(s) of the information without completing it, save it (by clicking the save button), and then assign it to another user who may be better placed to provide the information. It should be noted, that financial impact, in these circumstances, is a mandatory field to complete and should be completed prior to reassigning.
All inherent and residual risk assessment tasks that you are required to carry out as a default assignee will also be displayed in your Calendar and Action Items list on the Workbench page of the system.

Question 2

Q2. Can we have a User Defined formula to calculate Residual Risk on the basis of Control Maturity?

Accepted Answer

Yes, this is possible and can be implemented by the development team when the formula is provided.

Question 3

Q3. Is there any option to delete a Risk post submission?  If yes, how a risk can be deleted once it is submitted?"

Accepted Answer

There is a feature to close risks,in case any of the submitted risks which may not be relevant  can be closed and archived in the tool. Only a person with Admin role will be able to do this.

Question 4

Q4. At what stage does any risk come to Risk department for review?

Accepted Answer

You can decide the stages when the risk goes to the Risk Department. The risk submission  and workflow can be designed at the department level. Default assignee (user(s) who need to take an action for the respective queue status in the risk workflow can be assigned for each department. The system also provides configuration at Company level.

Question 5

Q5. Can the system generate heat maps to highlight the shift in risk levels?

Accepted Answer

Yes the feature is available. Risk Transition reports can be generated.

Question 6

Q6. Can the system record action points arising out of Risk Assessment exercise with agreed timelines?

Accepted Answer

Yes the feature is available. Action plans with tasks can be created in the tool with timelines and ownership.

FAQ

Q1. I am a Default Assignee in the risk workflow, what does that mean?"

Q2. Can we have a User Defined formula to calculate Residual Risk on the basis of Control Maturity?

Q3. Is there any option to delete a Risk post submission? If yes, how a risk can be deleted once it is submitted?"

Q4. At what stage does any risk come to Risk department for review?

Q5. Can the system generate heat maps to highlight the shift in risk levels?

Q6. Can the system record action points arising out of Risk Assessment exercise with agreed timelines?