Risks

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In the "Risk management" subsystem (the Risk management section), use the Risks catalog to register possible impact of internal or external factors to achieve company goals. Risk events can lead to both beneficial and adverse consequences, can be both profitable and unprofitable.

When you register a risk, specify its "Name", "Description", and "Company" where the risk has occurred. Also, on the Main data tab, fill the following attributes:

• Probability
• Risk consequence assessment in monetary terms
• Damage class
• Risk level
• Select the corresponding check box if the risk is Recorded in tax monitoring.

You can use the Probability attribute to assess the risk event probability by categories. Fill the attribute with data from the catalog by selecting the level of risk probability. For tax monitoring, from 1 (very low) to 5 (very high).

The user fills the Risk consequence assessment in monetary terms based on their own risk consequence assessment.

You can use the Damage classattribute to specify a damage category from the Damage categories catalog.

The Risk level attribute is filled automatically based on the filled "Risk level setup matrix". It is filled on the basis of risk "Probability" and "Damage category". To set up "Risk level setup matrix", open the Risks catalog in the "Risk management" subsystem (the Risk management section). When you register a risk, click the Open risk level matrix icon.

If the risk is recorded in tax monitoring, the user selects the Recorded in tax monitoring check box in the specified cell. In this case, additional attributes appear to fill such risk. The user fills some attributes by selecting the values corresponding to the registered risk from the drop-down catalogs:

• Risk area
• Risk direction
• Tax code
• RNCEA code. Select it from the RNCEA catalog.
• Risk category

In the Responsible person attribute, specify a system user who is responsible for the Risk.

When you register a risk on the More tab, fill the following attributes:

• Context type. It is a system object type to select any system document kind. For example, reasons for a risk.
• Context. It is a reference to a system object to select any system document kind, or to any other information from the system catalog list.
• Risk source as a value from the catalog to fill by the user.
• Financial responsibility center.
• Project.
• Projection to specify "Analysis area (projections)".
• Target from the catalog.

You can fill the Project and Financial responsibility center attributes to link a risk to the corresponding object.

On the Reasons and consequences tab, state the following:

• Risk causes
• Risk consequences

In the "Risk" form, you can view, open, add new, or delete the existing lists of related "Control procedures", "Reactions to incidents". You can do it with the "Activity templates" settings as well.

You can use templates of events and reactions to an incident to specify the activities to carry out concerning the risk. You can also use the templates to set default values. Use them to pre-fill created activities.

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