When managing risk entities, such as projects, vendors or cyber programs, a key process is how one automates the creation of the risk register and manages the remediation of risk events. The register is a continuum process until all risk events have been mitigated. The process takes inputs, applies techniques, and provides outputs for effective risk remediation.
Building a risk register that identifies risk events with their drivers, consequences, mitigation actions, etc. is no easy task. Historically the challenge in creating the risk register is what we call the “Blank Spreadsheet Syndrome”. This is when a stakeholder is provided a risk register template spreadsheet with defined column headings and the rows blank. Then they are instructed to add risk events and all pertinent risk information.
ARETE’ Risk assessment Profiler (RAP) is an integrated risk management platform that provides automated tools for performing risk assessments and administering risk registers. RAP begins with conducting a risk assessment and using the results for population of the register. This information can be supplemented by simulation data such as a schedule data. The image below shows the selection of risks from both an assessment and a schedule within RAP.
Key information about each risk event is valuable for remediation such as; event drivers, type, pre-mitigation and post mitigation metrics, mitigation actions and assignment, team collaboration, etc. Further analysis is accomplished by reassessing the entity and subsequent simulation analysis. Therefore, the risk register also needs to have the ability to synchronize with new identified risks from subsequent assessments and simulation data.
As an organization develops risk registers for multiple risk entities, the roll up of a portfolio of entities is a valuable tool to manage risks. As an example, a view across a portfolio of projects and with a consolidated risk event listing for all projects.
Conclusion
The key takeaways to be able to Automate the Administration of Risk Registers are:
- Have a method to perform a risk assessment before starting the risk register development.
- Analyze the identified risks from the assessment and migrate risks requiring mitigation to the risk register.
- Have the capability to append the register with simulation risk activities.
- Use a collaborative process to manage the remediation of the risk events by identifying mitigation actions.
- Reassess the entity throughout its life cycle and continuosly synchronize the register.
- Continuously monitor remediation efforts and assignments.
ARETE’s Risk Assessment Profiler (RAP) provides a cohesive workflow-oriented risk management platform. In addition to many risk analytical tools, RAP provides automation tools for complete risk register administration. Contact the ARETE team at (888) 99-ARETE or info@arete-inc.com to learn more and see RAP’s Integrated Risk Management platform in action!
