This article lists the steps required for using Folio for Risk Management within an organisation:
1) Admin - Setting up the risk framework
1.1) Set up Risk Matrix
The first step for using Folio for Risk Management is having an administrator setting up the Risk Matrix that matches your organisations needs.
How do I select my Risk matrix type?
How do I change the Risk Matrix to reflect our risk framework?
How do I change the colours on my risk matrix to reflect our organisation's colours?
1.2) Risk Classification
Next you need to configure the classifications that your organisations uses to separate risks.
1.3) Configure Risk Folios
The last step for the administrator is to set up the Folio's that are going to be used for assessing a risk. The admin can start by using the risk template from the library then begin adding custom fields that suit their needs.
They need to remember to include the Risk Assessment field, and set up the Notifications and Review dates.
How do I add a Folio Template?
How do I add and change fields in my Folio templates?
How do I create a risk template?
How do I set up notifications for changes in risk ratings?
2) Risk Owners - Risk Identification
After the Risk Template has been finished, a Risk is ready to be created and given a Risk Owner. At this stage the Risk Owner completes the all the fields in the Risk Contract.
3) Risk Owners - Risk Assessment
3.1) Complete Risk Assessment
After the risk contract has been set up the Risk Owner has to do the initial risk assessment.
3.2) (Optional) Link Risk
A Risk can be associated with other risks, contracts, actions, or checklists and can be linked to them in Folio.
4)Risk Owners - Risk Review
4.1) Scheduled Risk Review
The risk assessments set up can have periodic review dates associated with them that must be completed by the Risk Owner when that date comes around. The Risk Owner will re-assess the risk and decide whether the circumstances have changed.
How do I complete a risk review?
How do I view Risk Movement over time?
4.2) (Optional) Unscheduled Risk Review
Risk reviews can actually be done at any time, not just when the review date comes around. Any time that the Risk Owner needs to re-assess the risk they are able to.
5) Risk Owner - Close Risk
5.1) Close Risk
Once a risk no longer requires the attention of your organisation, it can be closed by the Risk Owner or an Administrator and as a result will stop sending any notification.
How do I close Folios in bulk?
5.2) Reopen Risk
If a closed risk becomes relevant again it can be reopened at any time by the Risk Owner or an Administrator.