Date Released to Production: Monday, January 18th, 2021
- Ability to respond to the risks with a risk mitigation ticket
The Administrator and/or above level user roles can create mitigation tickets for the risks available on the MyVCM platform. These tickets have an automated workflow and generate sub-tickets and assign them to the appropriate parties that would help for the mitigation of the risks. The risk impact can be reduced between 0-100% according to the selection. There can be more than one mitigation ticket applied to the same risk. The reduction of the risk impact is only reflected in the risk level and score after the main mitigation is closed. The mitigation tickets can be accessed through the main risk register view available under the Risk Management module home page or inside of the risk display view Mitigations tab.
- The introduction of weighted and responded risk levels and scores
Risk level is a qualitative explanation of the risk scores. Risk weight is a number between 1 (Lowest) - 10 (Highest) to emphasize the value of the risk for the organization. The weighted and responded risk levels and scores become available with the introduction of the risk mitigation with this release. If the main risk mitigation is resolved then its risk reduction effect would be reflected to the risk. Hence, the risk officers would be able to see the most important risk levels, which is the weighted and responded risk levels, on the platform. These important levels and scores can be accessed through the main risk register view available under the Risk Management module home page or inside of the risk display view Risk details tab.
- Ability to highlight the current risk level and score, in addition to the risk journey from initiation to target
The owner of the risks, who is the Administrator and/or above level user roles that created the risks, would be able to see the unweighted, weighted, weighted & responded risk level and scores through the risk display view Risk details tab, in addition to the risk journey from its initiation to target.
- Ability to prioritize the risks
When the risk is created for the first time, after its initial risk impact and likelihood is selected by the risk owner, who is the Administrator and/or above level user role that created the risk, the default risk priority would be set by the system. The risk priority options are the standard, elevated, and emergency. If the weighted current risk level arrives low or moderate, the system set default option would be “Standard” If the weighted current risk level arrives high, the system set default option would be “Elevated”. If the weighted current risk level arrives severe or extreme, the system set default option would be “Emergency”. The risk owner should be able to overwrite it manually at any time.
- Adding Risk Management to the Activity Compliance score calculations and reflecting the risks at the My Profile and My Organization Dashboards
The risks and risk mitigation tickets are considered as the part of the “Activity Compliance Score” and reflected on the “My Profile” and “My Organization” dashboards accordingly. Open (acceptable risks) and open (unacceptable risks) will be reflected on the "Activity Compliance Score and Rank" card as another card item and they will be displayed under the Compliance View, “Activity Compliance Score Modules by Progress" card, as well. Pending risk mitigation tickets will be reflected inside the Tickets module's pending actions.