Identify, record and mitigate risks in one central location
A risk register is a is a useful tool to enable an organisation to record all identified risks , define the likelihood and consequences of a risk occurring and to document actions being implemented to reduce the risks.
Key features
- Record all identified risks in an easily configurable online risk matrix.
- Define the likelihood and consequences of each identified risk occurring.
- Document risk register categories and treatment options.
- Assign response plans and actions being implemented to mitigate risks.
- Monitor the progress of response plans and receive notifications when there are issues.
- Detailed Dashboard provides a real time view of your current risk register matrix and the progress of response plans and actions..
How to effectively identify, record and mitigate risks.
All organisations, regardless of size or industry, can transform possible dangers into opportunities for growth by adopting a proactive risk management approach. Having a strong risk management framework is crucial for organisations to identify and evaluate potential risks, as well as develop effective strategies to minimise them.
Corethix has been specifically designed to help any size organisation easily develop an effective risk register, assign response plans and monitor actions to mitigate risks.
1. Configure risk matrix and risk levels
The first step in creating a risk register is to configure your organisations risk register matrix and define the elements of likelihood and consequences. This is followed by setting up the risk levels that can be selected for each risk register.
The Corethix risk register matrix can be easily configured in multiple matrix sizes and risk levels can be customised by range and colour codes.
2. Define risk register categories and configure treatment options.
The next step is to define the risk register categories which will be assigned when adding new risk registers. This is followed by configuring treatment options that can be selected for each risk register.
The Corethix risk register module can be easily configured for any number of risk register categories and treatment options as well as setting up alert notifications for each risk category.
3. Add risk registers and associated response plans
Once the risk register categories are configured, then risk registers can be added and linked to a specific category. Risk controls and action plans to mitigate each risk can then be setup and assigned to specific team members.
The Corethix risk register module provides a simple and easy way to monitor and record risk registers and keep track of associated risk controls and actions to mitigate the risks.
4. Define inherent and residual risk settings for each risk register
Each risk register needs to have an inherent and residual risk setting to define the consequences and likelihood of the risk occurring and the treatments that will be implemented to mitigate the risk.
The Corethix risk register module includes an easy to configure process to set inherent and residual settings for each risk register and to visualise the settings in the risk register dashboard.
5. Monitor risk register action plans
All risk register key controls and actions need to be defined and progress closely monitored to ensure risk mitigation actions are being implemented by the scheduled dates.
Corethix includes a detailed risk register dashboard that provides a real-time display of the status of risk register actions to allow proactive management and follow up.
6. Send notifications and reminders to follow-up risk register action plans.
Once treatment options and associated actions have been created and assigned, it is critical to proactively monitor progress of actions and to follow-up where needed to ensure high actions are implemented by the due dates.
Corethix continuously monitors the progress and completion of all risk register actions and sends notifications and alerts to administrators when an action is late in being implemented.
7. Regular review and proactive management.
The success of any program to identify, record and mitigate risks requires a regular review of the risk register to proactively ensure that risk treatments and action plans are being implemented and to identify any problem areas.
This is best achieved by having an up to date and detailed risk register dashboard with analytics to provide a real-time status of identified risks and display of all the key data to allow proactive management, up to-date reporting and an audit trail of historical data.
The Corethix Risk Register module has been specifically designed to help any size organisation proactively identify, record and mitigate risks.
Please contact us at [email protected] if you would like to get more details or if you would like to start a free 30-day trial.
Benefits
Identify, record and mitigate risks in one central location
Corethix is a conduct risk solution that helps organisations create a culture of integrity by engaging all of your people on their key employment, risk and compliance obligations whilst providing a holistic view of how conduct risk is being managed across the business.
