Risk Register¶

Overview¶

The Mythradon Business Risk Register is a tool that allows you to track and monitor any risks that might impact your organisation. At its core, Mythradon Business Risk Register provides a clearly defined risk assessment and mitigation process.

To manage Business Risks select the Business Risks tab from the main menu.

Business Risk List - Light Business Risk List - Dark

Search for a Business Risk¶

From the Business Risk List you can quickly search for the risk that you are looking for using the search box. This will allow you to filter the list of Business Risks by the risk number or title.

The Search box supports partial name matching and pre-built filters as shown above.

For additional information on searching in Mythradon please refer to Mythradon Search.

Recording a Business Risk¶

From the Business Risk List view, click the Create Business Risk button.

Create New Business Risk - Light Create New Business Risk - Dark

Mandatory fields will be identified with an asterisk. i.e., the Title field.

Click the Save button to save the new Business Risk record.

Business Risk Fields

The following are the default fields of a Business Risk record.

Field	Description
OVERVIEW
Risk Number	System generated unique risk number.
Title	Summary description of the risk.
Status	The Status is a read-only field that represents the current status of the risk. Possible values are: Open Closed This field is set to 'Open' by default when a new risk is created. It is automatically set to 'Closed' when setting the 'Close Risk flag' on a related Risk Review record. All changes to the risk status are logged in the related Stream records.
Status Date Time	The date that the Status of the risk was last changed. By default this field is not displayed. This can be displayed using the Layout Manager.
Category	A picklist of values that can be used to categorize the risk.
Last Review Date	The date that the last Risk Review was performed on the risk.
Next Review Date	The date that the next Risk Review is due to be actioned. This is also used for triggering notifications.
Risk Owner	The Risk Owner is a User in the system that has been assigned by the business to take control of ensuring the risk is resolved.
Estimated Close Date	The Estimated Close Date is the date that you are expecting to be able to close out the risk if the strategy is implemented.

Risk Matrix Fields¶

Mythradon Business Risk Risk Matrix Fields - Light

Business Risk has two Risk Matrix field that represents a visualisation of the risk probability and impact before and after the Strategy Treatment. Please see the table below to understand more about the detail of the field.

Field	Description
RISK RATINGS	The following fields are a part of the Risk Matrix field.
Impact	The impact level the risk imposes on the business. Possible values: Very Low - 1 Low - 2 Medium - 3 High - 4 Very High - 5 The Impact level is multiplied by the Probability level to calculate the Risk Rating value.
Probability	The probability of the risk occurring. Possible values: Very Low - 1 Low - 2 Medium - 3 High - 4 Very High - 5 .
Risk Rating	The Risk Rating is a calculated value. Impact x Probability = Risk Rating. i.e., Impact = 'Medium' and Probability = 'High' results in a Risk Rating of 3 x 4 = 12. The Risk Rating is colour coded to highlight the severity.
Impact Reduction	The Impact Reduction is your estimated measure of how much the impact is likely to be reduced or increased by applying the treatment strategy.
Probability Reduction	The Probability Reduction is your estimated measure of how much the probability is likely to be reduced or increased by applying the treatment strategy.
Final Risk Rating	The Final Risk Rating is a calculated value. (Impact - Impact Reduction) x (Probability - Probability Reduction) = Final Risk Rating.
DETAILS
Description	Detailed description of the risk.
STRATEGY
Treatment Strategy	The Treatment Strategy represents the decision made by the organisation in relation to how the risk will be treated. Possible values: Accept Mitigate Transfer Eliminate .
Treatment Strategy Comments	Detailed description of the treatment strategy.

Edit a Business Risk¶

From the Business Risk List view, click on the Risk Number field to display the details of the selected Business Risk.

Business Risk Detail - Light Business Risk Detail - Dark

From here you view the details of the Business Risk and see the related Risk Reviews, Activities and Tasks.

You can either edit the complete record by pressing the Edit button or individual fields with Mythradon's in-line editing feature.

Risk Review Types¶

Business Risks have one or more related Risk Reviews. Each Risk Review represents a point in time that the impact and probability of the risk was reviewed by the business.

Default value of the Risk Review is Reopen Summary - The title can be changed in the Label Manager.

Press the Log Review button to create a new Risk Review. If the risk is no more relevant, users can check the Close checkbox. This will change the status of the risk to Closed.

Mythradon Business Risk Log Risk Review - Light

Once a Risk Review is created, it can be seen under the Risk Review list.

Mythradon Business Risk List of Risk View - Light

Risk Register Settings¶

The Risk Register Settings are used to control the types and frequency of system notifications/reminders related to the Business Risk Register.

Mythradon Register Setting - Light Mythradon Register Setting - Dark

To access Register Setting:

Click the Register Settings tab on main menu.

Note

If users can not see Register Settings on your main menu, Administrators need to make it visible in Administration → User Interface.
Users can only see Register Settings if they have the access to the Register Settings configured in users role.

Property	Description
SETTINGS
Notification Mode for Upcoming Reviews	Controls how notifications should be pushed for system generated reminders. Possible values are: None In App Notification Email Email & In App Notification .
Send Reminders To	Configure to automatically send reminders to Assigned User or both Assigned User and Owner. The reminders will be sent as notifications.
Remind X days before	Configure to send reminders X day before the Review Date.
Remind again X days before	Configure to send a second reminder in case the record has not been reviewed.

Adding Stakeholders to Risks¶

Any relating parties or stakeholders can be added to a risk. Stakeholders can be added from Accounts, Contacts or Employees.

To add stakeholders to a risk:

Select to update an existing risk or create a new one.
Navigate to Stakeholders section on the right side panel.
Click the attachment icon in Stakeholders section.
Select the records that you wish to add as stakeholders.

Once the stakeholders are added, if users create a Logging Meetings/ Calls, the stakeholders will be populated as the participants automatically.

Mythradon Business Risk Adding Stakeholders - Light

Lessons Learnt¶

Lessons Learnt can be logged to track lessons your business has learnt in order to prevent similar or inherent risks happening in the future.

To log Lessons Learnt for a risk, press the Lessons Learnt button and add your notes.

Once a Lesson Learnt is logged, you can view it under the Review section.

Mythradon Logging Lessons Learnt - Light