Risk Creation-GRC Risk Management

The prerequisites to create a risk we need to create required organization units and relevant risk categories

The organization units and Risk categories as created in master data work center

Risk can be created in Assessment work center.

Click on Risk and Opportunities

 

 

Click on Create to select type of risk

Where we can create different types of risks (Operational/Corporate) and Opportunity

We need to provide the risk name, select organization unit, risk category and select drivers and impacts for risk

To select the risk category from list we need to create required risk categories in master data work centers under Risk and Responses at Risk Catalog

In master data work center we can create Risk Category and Risk Template, after creatation reflects under the classification hierarchy node and Risk Templates are created under risk category.

 

After providing required values we need to select Allow assignment is YES, then only we can select risk category while creating risk.

Now select the risk category for risk.

Now select, add the Impacts and Drivers

Drivers are nothing but events that could cause the risk to occur

Impacts are nothing but consequences if the risk event were to occur

We need to define Impacts and Drivers in SPRO

SPRO>GRC>Shared Master data Settings

Select Impacts and click on ADD

It will show the category and description which we maintained in SPRO

 

We can repeat the same for drivers also.

We can assign multi drivers and impacts for Risk.

Now go to Roles tab in Risk

Initially roles tab does not show anything in role column to assign the owners

 

To assign role owner for risk in roles tab we need to maintain role assignment for entity in SPRO

SPRO>GRC>General Settings>Authorizations>Maintain entity role assignment

Click on Maintain entity role assignment, select the required entity with role

 

Now these role assignments will appear under roles tab of Risk

Now select the role and click on assign button to assign owners (we can assign single owners or multi owners also).

Now we can submit the risk

Once we click on Submit button then Risk status will be changed to active

 

Regards
Baithi