Risk configuration
Before this risk register can be used, several things need to be configured. This can be done in the risk register's Content Management System (CMS), which can be reached via the CMS link at the bottom of this page. The CMS's main page has several sections. In the Configuration section, you will find the following options:
Labels: The risk matrix can be defined in any way you like. Upon account creation, you already set the size of the matrix and what's on both axes (? and ?). Here you define the labels for each section of both axes and the colors and labels within the risk matrix.
Risk levels: Each ? and ? combination within the risk matrix has to be set to its own risk level. It's important to set this one right from the beginning, as changing it may affect which risks can be accepted and which ones not and also who can approve a request for risk acceptance.
Risk appetite: Here you set your organisation's risk appetite. This tool uses a risk level within the risk matrix as the risk appetite. Risks of this level can be accepted without board approval. Most organisations will leave this at the lowest value. You can change this to a higher level when your organisation is (temporarily) willing to take more risk.
Causes: Each risk has one or more causes. Every cause must be assigned to a category. This is where you define those risk cause categories. You can use this to get a better understanding of what type of risk cause is most threatening to your organisation.
Effects: Each risk has one or more effects. Each effect must be assigned to a category. This is where you define risk effect categories and specify a description for each impact level. You can use this to get a better understanding of the most vulnerable or fragile spot within your organisation.
Tags: Define tags and tag categories to categorize and label risks. This can be used to filter risks, to get a better understanding of where the highest risks lie.
Data: Your risk register data can be exported for save keeping and restored in case of an issue with the risk register tool. It is your responsibility to regularly make a back-up of your data!