Who is this article for?

Administrators who want guidance on setting up risk classification in Assurance.

Administration access is required.

Risk classifications allow organisation to set up multi-level categories of risk that can assist in reporting and enhance the understanding of the risk. For example, once a risk classification of Financial Risk has been set up, it is then possible to filter and search for all risk that are financial in nature.

This article outlines the benefits of classifying risks, and the steps to configuring them in your Assurance system.

1. Benefits

Unlike traditional risk categories, risk classification allows for the class of risk and the impact of that risk to be defined.

For example, if the sub-classification of 'Financial Risk' is 'Fraud', then that risk class can be given a definition and an impact. Both the definition and impact of 'Fraud' can then be reported against for all specific risks assigned to that class.

If risk classifications are broken down into multiple levels, it can provide organisations with a risk library that can be used as a basis for specific risk assessments against business units, projects, or contracts.

2. Creating a classification

To create a risk classification:

1. Access the Administration section.
2. Go to Risk Classification.

3. Click the + New button.
4. Enter the Title of the risk classification.
5. Assign a classification Parent if required.
6. Add an optional Definition and Impact.

7. Select a Colour if you would like to assign to your classification.

You may only select a colour for a parent Risk Classification.

8. Click Create to set up the new risk classification or Create and New if you wish to set up multiple risk classifications.

3. Managing a classification

To edit the classification title, select the class and click Rename.

To view the classification information, click Details.

To retire the classification, click Retire.

4. Viewing classifications in the Risk Heat Map report

Prior to selecting a colour for a risk classification, the report will look as below:

After selecting a colour for a risk classification, the report will look as below:

5. Viewing classifications in the Risk dashboard

Prior to selecting a colour for a risk classification, the dashboard will look as below:

After selecting a colour for a risk classification, the dashboard will look as below: