Using the Risk Templates Tab
The KCM GRC Risk Management module can help you assess, monitor, and mitigate the risks that your organization faces. See our Risk Management Module Guide for an introduction to the Risk Management module.
The Risk Templates area of your platform contains the pre-populated risks that are included in our master risk repository. The master risk repository is used in our Risk Wizard tool. Aside from these pre-populated risks, the Risk Templates area contains all risks that you've imported or created in your Risk Register.
Adding Risks from Risk Templates
The Risk Templates tab of your platform includes KCM GRC's master risk repository. You have two options for adding risks to your Risk Register from the master risk repository:
- If you're just getting started with risk management in KCM GRC, we recommend that you use the Risk Wizard. For more information, see our How to Use the Risk Wizard article.
- You can browse or search the master risk repository and add risks individually.
Follow the steps below to add risks to your Risk Register from the Risk Templates tab:
- Navigate to the Risk Templates page. From the navigation panel on the left-hand side, click Risk Management > Risk Templates.
- Browse through all risks or use the Search Risk Templates... search field to search for risks by keyword.
- Click the + button in the far-right column to add the risk to your Risk Register.
- Specify the details from the "Quick Add" page, as outlined below.
Note: We recommend that you avoid including the < and > special characters in these fields.
- Risk Name: Enter a descriptive title that represents the threat that the risk poses for your organization.
- Description: Describe the threat that the risk poses for your organization, such as the physical locations, systems, employees, third parties, and processes that would be affected by the risk.
- Consequences: Describe the potential outcomes of the risk occurring, such as the physical locations, systems, employees, third parties, and processes that would be impacted by the risk.
- Risk Owner: Enter the name of the person in your organization who is responsible for managing the risk.
- Affected Asset: Describe a physical asset in your environment that the risk would affect if it occurred.
- Category: Select the category that the risk fits in. The risk categories are Business & Strategic, Environmental & Natural, Financial, Operational & Infrastructure, Compliance, and Custom. If you'd like to create custom categories in your Risk Register, see the Risk Settings section of our How to Manage Your KCM GRC Account Settings article.
- Subcategory: Select a subcategory that the risk fits in. The set of subcategories will differ depending on which category you have selected. See our How to Use Your Risk Register article for more information.
- Risk Status: Select a status for your risk. Risk statuses describe the state of the risk and what efforts can be made toward managing the risk, such as mitigation efforts, acceptance, or transference of the risk. See the Creating Individual Risks section of our How to Use Your Risk Register article for information about the risk statuses.
- Tags: Your KCM GRC platform offers custom tagging features. You can create custom tags and assign them to the applicable risks. You may want to create tags for your sister companies, subsidiaries, different locations, or for your individual departments to keep your management processes better organized.
- Likelihood: Determine the likelihood of the risk occurring. This variable will impact your Inherent Risk Score. For more information about Likelihood and Impact scores, see the Risk Likelihood and Impact section of our Risk Management Module Guide.
- Impact: Determine the measure of impact that the risk would cause to your organization. This variable will impact your Inherent Risk Score. For more information about risk likelihood and impact, see the Risk Likelihood and Impact section of our Risk Management Module Guide.
- Inherent Risk Score: This number will automatically calculate as you change the Risk Likelihood and Impact scores. For more information, see our Risk Scoring Guide.
- Add Another (optional): If you're satisfied with the Quick Add risk details, and you'd like to create another risk, click this checkbox before clicking the Create button.
You can import risks into the Risk Templates area of your console by clicking the Import Templates button.