Getting started with Risks
Table of Contents
Why risk management
Risk management is a crucial aspect of organizational strategy, encompassing the identification, assessment, and mitigation of potential threats that may impact the achievement of objectives.
- One key risk lies in the realm of financial uncertainty, where market fluctuations, currency exchange rates, and economic downturns can pose challenges to fiscal stability.
- Additionally, operational risks, such as supply chain disruptions, technological failures, or human errors, can impede the smooth functioning of business processes.
- Regulatory changes and compliance issues also present a significant risk, as legal requirements evolve, potentially affecting operations and leading to penalties for non-compliance.
- External factors, such as natural disasters, geopolitical events, or global health crises, further underscore the need for comprehensive risk management.
- Successful risk mitigation involves a proactive approach, employing strategies such as diversification, insurance, contingency planning, and regular risk assessments to ensure resilience in the face of uncertainty.
The importance of Bizaline lies in the ability to systematically and effectively track, analyze, and mitigate potential risks within an organization. Bizaline provides a structured framework for managing uncertainties, enabling businesses to make informed decisions and enhance overall resilience.
1. View risks inside the dashboard
In delving deeper into the technical aspects of Bizaline, our tool handles the risk management to empower companies in navigating uncertainties effectively.
You will find the risk tile inside the dashboard page, right after logging in, this is set as the default loading page. In case it’s not, simply click on the company image or navigate to the Home menu, and you’ll be redirected to the dashboard page.
Within the dashboard, locate the Risk tile, which provides an instant view of control measures that are overdue. This offers a quick overview of the current risk situation.
By clicking on the risks tile you will be able to see the list of all risks inside the workspace.
2. Create new risk
You can create a new risk by clicking on the “+” typing the new risk name and hit enter.
2.1 Risk measure impacts
The risk measure impacts feature is incredibly valuable as it allows users to grasp the potential consequences of the risks they’ve entered into the tool. With this functionality, users can compile a comprehensive list of impacts associated with each risk and effectively monitor them. On the dashboard page, alongside the list of risks, there will be a dedicated section displaying the impact measures, including their status and assigned owner. To access this information, simply click on the arrow adjacent to the risk name, then proceed to open the risk measure impact list for detailed insights.
2.2 Sub risks
In addition to managing primary risks, our platform facilitates the allocation of sub-risks to parent risks. Similar to the sections for ‘Risk Measures’ and ‘Risk Tasks,’ users will find a dedicated area for ‘Sub Risks.’ Here, they can create new sub-risks or view the existing list associated with a parent risk. This intuitive setup allows for comprehensive risk management, ensuring that both primary and subsidiary risks are effectively tracked and addressed.
2.3 Risk tasks
The inclusion of risk tasks adds significant value to the risk management process. With this feature, users can assign specific tasks to individual risks and monitor their progress effectively. Accessing the list of tasks is straightforward: simply click on the arrow next to the risk name, then expand the risk tasks section to view all associated tasks. From here, users can create new tasks or review the existing list to track their current status and any updates.
3. Heatmap
Once you’ve identified and inputted the risks, accessing the heatmap and filtering the risks is a straightforward process. Simply click on the heatmap icon to reveal a visual representation of all risks categorized according to their impact and likelihood. This provides a quick overview of the risk landscape. By interacting with the heatmap, clicking on specific numbers, you can filter and isolate individual risks, allowing you to view their names and details in context.
Check the video of how to filter risks by using the heatmap:
4. Charts
Navigate to the charts icon, where you’ll find two options for displaying charts based on the status of risks: Bar chart and Pie chart. Simply select your preferred option to visualize the risks according to their respective states.
5. Filters
1. You can easily filter the risks list by clicking on the loop icon and entering your search query. The tool will instantly filter the list to display only the relevant items based on your search criteria.
2. You can effortlessly filter the view by selecting either ‘Me’ or ‘Everyone’ with a simple click on the designated icon. Additionally, for more specific filtering options, clicking on the filter icon allows you to refine results by selecting an owner and company from the provided lists.
