Add Risks

When there's an anticipation of an uncertain event or condition, that has an effect on the outcomes that you wish for, then they're termed "Risks". In other words, risks are things which you're worried could happen with regard to the objective, but have not necessarily happened yet! This effect may be negative, or a deviation from the expected. Risks can be:

• Internal: These can be
  • Strategic - potential impact of strategic decisions
  • Operational - possibility of business operations failing
  • Compliance - potential of your business to violate existing laws
  • Financial - Financing and the amount of debt you incur to finance your operations.
• External: These can be
  • Regulatory - new laws coming out
  • Economical - market crash
  • Demand - down turn on demand or competitors in to the market
  • Sociopolitical - lockdown, political instability, inflation
  • Environmental - fires, hurricanes, global warming

How to add risks?

Open the Edit Sidebar option of the relevant objective/measure/action, and go to the Risks tab. Click Create a Risk.

Give the risk a meaningful title, and a description. Define the Likelihood (probability of the event to happen on a scale of 1 to 10), and Impact (impact of the risk on the outcome on a scale of 1 to 10), and based on these two factors, we calculate and display a Risk Score (Likelihood * Impact) for you! The risk score will let you know the severity of the risk (low, moderate or high) which can guide in decision-making! Click Next Step.

In the next step, 

• Choose a date - toggle the switch if you wish to have the due date of the entity as the expected date!
• Type - choose from the list, can be Budget, Operational, Logistics, External, COVID. You can choose multiple options too!
• Owner - choose the user who'll be responsible for this risk
• Collaborator - choose the collaborators who'll accountable, and be notified on these risks.

Click Create to add the risk or Go back to go back to the previous step. Once the risk is created, you can click the three-dots against it to

• Edit Risk: Edit the risk title, description, due date, type, owners or collaborators.
• Move to closed: Change the status to closed and move it under the Closed section. You can also do this by a simple drag and drop action!
• Re-evaluate: Change the Likelihood and Impact scale so that the Risk Score is re-evaluated!
• Delete: Delete the risk and its associated mitigations!

How to add mitigations?

The risk gets added under the Open status section, and you can now expand the risk to add Mitigations! These're steps that can be taken to avoid the risk from happening or to lessen its impact! Click the plus icon, and start mentioning the steps for mitigating the risk. 

Once added, the number of mitigations appear alongside the risk as . As and when you're done with a mitigation, select the relevant check-boxes, and the the 0/4 will change to 1/4, 2/4, and so on!

Click the three dots against the mitigation to edit or delete it!

View risks in Goal Hub:

Click to access the Goal hub of the relevant entity, and navigate to the Risks tab. You can drag and drop the risk to Closed or Open Status or just move their positions! You can add risks and mitigations from the relevant add options! Also, you can click the three dots against the risk or mitigation to edit, delete or do other relevant actions!

Click Report this to open the Risk report from the Reports page! 

Risk Report:

In this report, you can:

• See a Risk Matrix that shows the various risk positions mapped to their scores. If you delete this, you'll need to create the report again!
• Edit table settings - Set table columns as:
  • Risks - the risk titles
  • Owner - owner of the risk
  • Collaborator - collaborator of the risk
  • Risk Type - External, Budget, Operational, etc.
  • Status - Open or Closed
  • Mitigations - Completed mitigations Vs No. of mitigations (0/4, 1/3, etc.)
  • Score - Risk score (Likelihood * Impact)
  • Due Date - due date of the risk
• Edit table settings - Group by: group table data by risks, score, status or responsible (owner)
• Drag and drop the components using icon
• Add headlines, notes, images to add narratives! Click the pie chart to add a chart on health of the objectives!
• Click the table icon to add a report in the usual way! This'll have any plans or objectives and will not be restricted to this risk or entity! See Generate Reports for details.
• Click Save a Snapshot to take a snapshot of the report at a given point of time. Click View Snapshots to view the snapshots taken!
• Click the or the icon to display the report in full page view.
• Click to comment on a report or snapshot.
• Click icon to view the report in presentation mode!

FAQs

Who can delete a risk?

Essentially, any user with Admin role, or the owner or collaborator of the risk can delete the risk!

Can I share the risk report with external stakeholders?

At this point, no! You cannot share with any users outside of your workspace. You can share the report and set access permissions by manually defining those!

Will the risk created for an objective affect its associated success criteria?

No! The relationship of risk is 1:1 i.e., it's related only to the entity to which it is attached to!