Risk Evaluation and Approval Process

Key Steps:

1. Start by evaluating the risk to determine if it is acceptable or requires attention.
2. Determine the target for the risk by selecting from options such as high, moderate, minor, very low, or low.
3. Choose the evaluation rating for the risk.
4. Add a new action plan and link it to the risk (covered in a separate video).
5. Select the required approval level (e.g., board, executive, CEO) and the approval status (pending or approved).
6. Attach any relevant documents or files to the risk evaluation.
7. Include any relevant hyperlinks, providing a title and the link for the hyperlink.
8. Consider the views of all relevant stakeholders in the risk evaluation process.
9. Identify who evaluated the risk, who was consulted (multiple selections possible), and the date of the risk evaluation.
10. Click save and exit once all information is entered and reviewed.

Cautionary Notes:

• Ensure all relevant stakeholders' views are considered to make an informed decision.
• Double-check the approval level and status to prevent errors in the evaluation process.

Tips for Efficiency:

• Prioritise clear communication and collaboration with team members during the risk evaluation process.
• Keep all documentation organised and easily accessible for future reference.
• Regularly review and update risk evaluations to ensure accuracy and relevance.

Watch a video demonstration: