works
RiskLabHQ contains a series of core tables which represent libraries, each able to be related or linked to one another. The core tables representing the primary elements are likely to include the following:
Risk Title
Category
Industry Sector
Possible Cause / Contributing Factor
Possible Effects / Impacts
Best Practise Controls
Control Rating
Recommendations / Actions
Prepopulated tables enable data grouping into specific industry sectors to create a generic “Industry Risk Profile”.
The “Industry Risk Profile” can then used to generate and manage your own “Organisational Risk Profile”. Alternative, your risk profile can be built from scratch utilising the extensive data bank within RiskLabHQ.
RiskLabHQ architecture enables comparative capability, review capability and update capability across industries and risks.
Risk Rating Methodology
RiskLabHQ risk assessment methodology creates Inherent Risk Ratings as well as a Residual Risk Ratings for each risk. The risk rating methodology incorporates calibrated rating criteria for Consequence, Likelihood and Control Effectiveness. The overall risk ratings will be determined using “Heat Maps” for Inherent and Residual Risks respectively.
Reporting Outputs
RiskLabHQ provides interactive Risk Dashboards and Reports for managing each risk profile including unique elements such as traffic light status ratings and risk distribution graphs which provide intuitive and simple to understand Qualitative and/or Quantitative Assessment outputs.
The key deliverable in any risk program is “Action.” RiskLabHQ provides tailored Risk Action Plan Reports incorporating a summary of the prioritised actions items and a defined implementation schedule to easily monitor and provide status updates to key stakeholders.
Compliance Reporting
RiskLabHQ includes capability for individual Risk Controls can be flagged as to whether they carry a compliance obligations. By flagging individual controls with compliance obligations, at the click of a mouse, RiskLabHQ produces Compliance Reports which outline the status of all risk related compliance controls. This provide yet another valuable tool in assisting organisation with managing their governance risk and compliance Reporting obligation and overall Corporate Governance Responsibilities.
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