Table of Contents

Risk Analysis

Anita Wilknitz Updated by Anita Wilknitz

Risk Analysis (RISK ISO 31000)

Please note that visibility of this functionality depends on your product edition.

You can access the risk analysis via the item in the navigation bar:

The Risk Analysis in FACT24 provides a comprehensive and structured approach to identifying and managing risks efficiently.

With the Risk Analysis module users can:

Create templates for standardized risk assessments

The module is based on templates that the admins can create.

If you then go to +New, you can select an existing template and don't always have to start from scratch.

Add title, description, and location to each analysis

If you then create a new risk analysis or edit an existing one, you can create various properties for the risk, such as a title, the version, a description and a location to ensure that it can be displayed for the right stakeholders.

Define context

In the next tab under Establish Context you can enter a text for the scope, context, various criteria and also attach documents such as a site plan, to-do lists, etc.

Structure and visualize risks digitally for better clarity

The next tab deals with risk identification. You can create various incidents here. By clicking on the pencil of an incident, you can enter the title, description and a probability of how likely it is that this incident will occur with the existing measures. In the Risk Analysis tab, you will then find your created incidents on the left-hand side.

Identify causes and assign preventive measures

Here, you can prepare various causes for the incident and link them to different preventive measures. Additionally, you can directly assign owners to the measures, so that each task has a designated point of contact.

Define consequences with corresponding limiting measures

You can also prepare the consequences of the incident on the right-hand side. These consequences can then be linked to various containment measures, and you can also directly assign owners to those measures.

Generate a risk matrix to quickly assess likelihood and consequences:

In the center, you always see the incident along with its probability of occurrence. If you click on the matrix icon on the right, you can visually see - through the use of colors - how likely all or individual consequence areas are (using the dropdown "All Consequence Areas") and how severe the impacts are.

Assign tasks directly to team members and designate task owners

The Risk Treatment tab is essentially about summarizing all the information from the previous two sections. Here, you have both the preventive and containment measures, and you can also select any of these measures to create tasks (by clicking the "+ Task" button)and assign them to individuals.

Track task progress to ensure timely completion

Here you can also check whether the tasks have already been started, are still pending, or have been completed.

The tasks will then also appear in the navigation under Tasks - Risk analysis, where you can also track the status.

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