Risk Register

The Risk Register is the central hub for managing all organizational risks in Flow GRC. It provides a comprehensive view of your risk landscape, enabling you to track, assess, and monitor risks throughout their lifecycle.

Overview

The Risk Register serves as your organization's single source of truth for risk information, offering:

• Centralized Risk Repository - All risks in one organized location
• Real-time Risk Metrics - Live dashboard with key risk indicators
• Advanced Filtering - Find risks by category, status, owner, or severity
• Risk Relationships - Link risks to controls, actions, and assets
• Audit Trail - Complete history of risk changes and assessments

Key Features

Risk Dashboard

The Risk Register dashboard provides an at-a-glance view of your risk posture:

• Risk Distribution - Visual breakdown by risk level (Critical, High, Medium, Low)
• Status Tracking - Monitor open, under review, and closed risks
• Category Analysis - See risks grouped by business categories
• Trend Indicators - Track risk levels over time

Advanced Search & Filtering

Quickly find specific risks using powerful filtering options:

• Text Search - Search risk titles, descriptions, and metadata
• Category Filter - Filter by operational, financial, compliance, or strategic risks
• Status Filter - View active, under review, or archived risks
• Owner Filter - See risks assigned to specific team members
• Risk Level - Focus on critical or high-priority risks
• Date Ranges - Filter by creation or last update dates

📝 Risk Details

Each risk entry includes comprehensive information:

• Risk Identification - Unique ID, title, and detailed description
• Risk Assessment - Likelihood, impact, and calculated risk score
• Risk Classification - Category, type, and business area
• Ownership - Risk owner and responsible parties
• Status Tracking - Current status and lifecycle stage
• Treatment Plan - Mitigation strategies and actions
• Review Schedule - Next review date and frequency

Using the Risk Register

Viewing Risks

1. Navigate to Risk Register - Access from the main navigation menu
2. Browse All Risks - View the complete list with summary cards
3. Use Quick Filters - Apply filters in the top toolbar
4. Sort Results - Order by risk score, date, or status
5. View Details - Click any risk to see full information

Creating New Risks

1. Click "Add Risk" - Use the prominent add button
2. Fill Risk Details - Complete the risk identification form
3. Assess Impact & Likelihood - Use the risk matrix scoring
4. Assign Ownership - Select responsible team members
5. Set Review Schedule - Define review frequency and next date
6. Save & Continue - Risk is added to the register

Managing Risk Lifecycle

Risk Assessment

• Initial Assessment - Inherent risk scoring before controls
• Residual Assessment - Risk level after control implementation
• Reassessment - Regular updates based on changing conditions

Risk Treatment

• Accept - Acknowledge and monitor the risk
• Mitigate - Implement controls to reduce risk level
• Transfer - Use insurance or third-party arrangements
• Avoid - Eliminate the risk source or activity

Risk Monitoring

• Regular Reviews - Scheduled reassessments
• Status Updates - Track treatment progress
• Control Effectiveness - Monitor linked control performance
• Incident Correlation - Link to actual risk events

Risk Register Views

List View

• Compact Display - See many risks at once
• Quick Actions - Edit, delete, or reassess from the list
• Bulk Operations - Select multiple risks for batch actions
• Export Options - Download filtered results

Card View

• Visual Overview - Risk cards with key metrics
• Color Coding - Immediate risk level identification
• Progress Indicators - Treatment status at a glance
• Quick Preview - Hover for additional details

Matrix View

• Risk Plotting - Visualize risks on likelihood/impact matrix
• Interactive Navigation - Click matrix cells to filter risks
• Comparison Tool - Compare multiple risks side-by-side
• Scenario Planning - Model "what-if" risk changes

Integration with Other Modules

Controls Management

• Risk-Control Mapping - Link risks to specific controls
• Control Effectiveness - See how controls reduce risk levels
• Gap Analysis - Identify uncontrolled risks
• Treatment Planning - Implement new controls for high risks

Actions & Tasks

• Mitigation Actions - Create action plans for risk treatment
• Task Assignment - Assign specific tasks to team members
• Progress Tracking - Monitor action completion status
• Deadline Management - Set and track action due dates

Compliance Frameworks

• Framework Mapping - Link risks to compliance requirements
• Regulatory Tracking - Monitor compliance-related risks
• Audit Preparation - Generate compliance risk reports
• Gap Assessment - Identify compliance risk areas

Assets & Vendors

• Asset Risk Assessment - Evaluate risks for specific assets
• Vendor Risk Management - Track third-party risks
• Supply Chain Risks - Monitor vendor-related exposures
• Asset Criticality - Prioritize risks by asset importance

Reporting & Analytics

Standard Reports

• Risk Register Report - Complete risk inventory
• Executive Summary - High-level risk overview
• Risk Trend Analysis - Historical risk data
• Treatment Effectiveness - Control performance metrics

Custom Analytics

• Risk Heatmaps - Visual risk distribution
• Comparative Analysis - Benchmark against industry standards
• Predictive Modeling - Forecast future risk trends
• Scenario Testing - Model different risk scenarios

Best Practices

Risk Identification

• Comprehensive Coverage - Include all risk types and sources
• Stakeholder Input - Gather risks from all business areas
• Regular Updates - Keep risk information current
• Clear Descriptions - Write detailed, understandable risk statements

Risk Assessment

• Consistent Criteria - Use standardized likelihood and impact scales
• Evidence-Based - Support assessments with data and documentation
• Regular Reassessment - Update scores as conditions change
• Multiple Perspectives - Involve different stakeholders in scoring

Risk Ownership

• Clear Accountability - Assign specific owners to each risk
• Appropriate Authority - Ensure owners can take necessary actions
• Regular Communication - Keep owners informed of changes
• Performance Tracking - Monitor owner effectiveness

Documentation Standards

• Complete Information - Fill all relevant risk fields
• Regular Updates - Keep risk information current
• Version Control - Track changes and maintain history
• Quality Review - Validate risk data accuracy

Getting Started

Initial Setup

1. Import Existing Risks - Use the data import tool for legacy risks
2. Define Categories - Set up risk categories for your organization
3. Configure Matrix - Customize likelihood and impact scales
4. Assign Permissions - Set user access levels and responsibilities
5. Train Users - Ensure team members understand the process

Quick Start Guide

1. Create Your First Risk - Add a sample risk to familiarize yourself
2. Explore Filtering - Try different filter combinations
3. Link to Controls - Connect risks to existing controls
4. Set Up Reviews - Schedule regular risk assessments
5. Generate Reports - Create your first risk register report

The Risk Register is the foundation of effective risk management in Flow GRC. By maintaining an accurate, up-to-date risk register, you'll have the visibility and control needed to manage organizational risks effectively.

Next Steps

• Risk Management - Learn about the broader risk management process
• Controls Management - Implement controls to mitigate risks
• Risk Analytics - Analyze risk data and trends
• Actions Management - Create action plans for risk treatment