Risks

Learn how to create and manage risks in the risk register.

  3 minute read  

The Risks page is the central list of all registered risks. From here you can create new risks, review scoring, track status, and navigate to related mitigation actions.

When to use it

Register a risk whenever you identify a potential event or condition that could affect a project, relationship, resource, or item, even if the probability is low. Registering it early lets you score it, assign an owner, and decide whether mitigation is needed.

To create a risk

  1. From the role center, choose Risks in the menu. Alternatively, choose the 🔎 icon, enter Risks, and then choose the related link.

  2. Choose New.

  3. Fill in the Risk Card:

    • No. — assigned automatically.
    • Description — describe the risk in plain language.
    • Related Type — select the type of record this risk relates to: Project, Customer, Vendor, Resource, or Item.
    • Related No. — select the specific record.
    • Category — classify the risk by choosing from the available categories.
    • Owner — assign the person responsible for monitoring and managing this risk.
    • Likelihood — select a likelihood level from the list.
    • Impact — select an impact level from the list.

  4. Navigate away or close the card, the record saves automatically.

Risk Score and Score Zone update automatically when you set Likelihood and Impact.

Risk status

  • Identified — the risk is identified and active. This is the default status for new risks.
  • Mitigating — the risk has one or more active mitigation actions in progress.
  • Closed — the risk has been resolved, accepted, or is no longer relevant.

Materialized risks

Use the Materialized field to flag a risk that has occurred. Materialized risks remain active in the system, they continue to appear on the Overdue Risk Reviews page until they are closed. This ensures that risks that have materialized are still reviewed and managed until fully resolved. You can continue working on a materialized risk by adding mitigation actions, but the focus shifts from proactive prevention to reactive response, addressing the impact now that the risk has occurred.

Risk scoring

The risk score is calculated automatically:

Risk Score = Likelihood Numeric Weight × Impact Numeric Weight

The score determines which Score Zone the risk falls into. Zone assignment updates whenever you change the likelihood or impact.

See Scoring Setup for how to define likelihood levels, impact levels, and their numeric weights.

Review fields

Each risk tracks its review schedule:

  • Score Zone — assigned automatically based on the current risk score.
  • Next Review Date — the date by which the risk must next be reviewed, calculated from the zone’s review interval.
  • Last Review Date — the date the risk was last marked as reviewed.

See Risk Reviews for how to mark a risk as reviewed.

Notes

The Notes FactBox is available on both the Risk Card and the Risk List. Use it to capture context, decisions, or observations that don’t fit in a structured field.

Mitigation actions subform

The Risk Card includes a mitigation actions subform where you can add the actions planned or taken to address the risk. For each line, you can either select a code from the predefined list or enter a free-text description directly. Each line also has the following fields:

  • Due Date — the deadline for completing the action.
  • Owner — the person responsible for the action.
  • Status — tracks whether the action is open or completed.
  • Estimated Cost (LCY) — the estimated cost of the action.
  • Completion Date — the date the action was completed. It changes automatically when the status is set to Closed.