Establishing an efficient risk review process is essential in executing a comprehensive risk management strategy. During the risk review process, an organization identifies potential risks to its operations, customers, and other stakeholders and evaluates their likelihood and potential so they can develop strategies to mitigate or manage these risks effectively.
Risk reviews are a way to ensure that identified risks and treatment plans remain applicable to your risk management strategy despite any changes in your organization’s internal and external environment.
The latest enhancement to 6clicks’ Risk Review functionality aims to streamline the risk review process and improve risk assessments. Let's break down the existing capabilities of 6clicks’ Risk Management solution and examine how its upgraded Risk Review feature augments organizations’ overall risk lifecycle.
The main features of 6clicks’ Risk Management module include the Risk Library, Risk Register, Risk Workflow, and Risk Reviews.
The Risk Library is where you can create or import your risk libraries which contain different types of potential risks to your organization that are not yet properly identified or assessed. It is also home to 6clicks’ vast collection of templated risks curated from various domains.
On the other hand, the Risk Register is where identified risks that were produced from risk reviews are stored for monitoring, management, and mitigation, while the Risk Workflow is where you can create and customize risk management workflows to align with your organizational processes.
The Risk Reviews feature enables users to create and send risk reviews to team members to identify risks that are relevant to their organization. The Reviews tab is where all created, ongoing, and completed reviews are listed.
With the previous Risk Review, users had to select templated or unidentified risks from the Risk Library to add them to the Risk Register as identified risks. Initially, creating a risk review required users to go to the Reviews tab, create a new risk review, and assign risks to respondents for identification and assessment, splitting the review process into two.
Recently, we enabled users to push risks from the Risk Library to the Risk Register. This meant that users could bypass the identification stage of the old risk review process and add risks to the Register without identifying them.
Risk Review 2.0 further enhanced this by moving the risk review process to the Risk Register, eliminating the identification step and accelerating the assessment stage.
Now, you can create a review in the Risk Register and directly run an assessment of your selected risks. From a previously multi-step process, Risk Review 2.0 simplifies the review process by treating all risks as identified, making the assessment stage more straightforward.
Risk Review 2.0 also improves the previous review workflow through automatic status updates. Before, users had to manually change the status of a risk review with every new action. Now, the system automatically updates when one or all respondents start reviewing their assigned risks.
All in all, Risk Review 2.0 provides organizations with a scalable risk review process, wherein identified and assessed risks on the Risk Register can be repeatedly and regularly reviewed, promoting an iterative process of risk assessment and ensuring that these risks stay relevant to your organization’s risk management strategy.
By providing organizations with an efficient risk review capability, 6clicks empowers organizations with a more agile approach to risk reviews that reinforces their risk management strategy.
Risk Review 2.0 offers new features such as:
For current users of 6clicks’ Hub & Spoke, Risk Review 2.0 presents a few changes:
6clicks prioritizes the protection of valuable and sensitive data, and our customers can rest assured that any data impacted by this transition will be securely kept and will remain unaltered.
With 6clicks’ new and improved Risk Review feature, organizations can make the most of built-in reviews in the Risk Register to conduct regular assessments of identified risks to maintain the effectiveness of their treatment plans.
The automatic status updates and added notifications allow risk managers to stay on top of the whole risk review process, supporting the different stages of the review workflow starting from the creation of a review, all the way to the closing of the entire review task.
Treatment plans can then be created and linked to assessed risks as well as the controls and provisions that will be implemented as part of their remediation.
Finally, 6clicks’ comprehensive risk reporting capabilities allow organizations to gain valuable insights into their risk profile with risk matrix reports, Risk Register reports, and risk treatment plan reports.
Leverage 6clicks’ advanced risk management capabilities to enhance your overall risk management process and achieve strategic resilience. Discover how 6clicks’ integrated platform can transform your organization’s GRC strategy.