Risk Stages and Related Forms & Registers
Risks are governed through defined stages of a risk lifecycle. Above shows the out-of-the-box stages (which may have been modified for your organisation).
Below the stages you see links to the various sections of data content related to the risk, organised into tabs. These are contextual: these tabs are only shown if relevant to the current stage of the risks.
By example, when creating a new risk (Identify stage), only the General and Approvals tabs are shown:
Progressing Stages
To progress the risk to the next stage (or move it back to the previous) click on the current stage:
The dialog box shown presents key information that needs to be supplied or reviewed before the stage can be advanced. Once all mandatory fields are supplied, click 'Next Stage' to update the stage. Then click at the top to refresh the screen, whereupon any new links will appear relevant to the new stage.
Note that security controls may be in place that prevent certain user roles from doing this.
A Stage Gate Approval workflow is available to allow a request to be made to the risk owner of the business unit to update the Stage.
Closing a Risk
Once a risk is fully mitigated or no longer relevant, it may be closed by moving it to the Close stage (note however that risks of type 'Perpetual' do not show the Close stage (typically Enterprise risks that are monitored in perpetuity).
In order to do this, update the stage to Close.
Set Ready to Close? to Yes and click Next Stage.
Update the Closed Date as appropriate and enter a Closed Reason and click Finish. Notice the Status is now updated to Inactive.
Reversing the Close
NOTE: Use the Activate button at the top of the screen to reverse the closure (delete the Closed Date and Reason).