Overview
The Risk module in Formalize provides a structured workflow for identifying, assessing, and managing risks. By combining configurable risk types, approval flows, mitigation fields, and custom fields, the module ensures flexibility while supporting consistent risk governance across the organization.
The Risk Module overview
Navigate to the Risks Module
In the main menu, select Risks.
You will now see:
Tabs for each risk types
The Risk Matrix, showing probability × consequences positioning for all risks
A complete list of all your existing risks in each risk type
Create New Risk
In the upper-right corner, select + Add Risk to open the risk creation window. Here, you can enter the fundamental details of the risk you would like to create.
Fill in all needed Information
Name of the risk
Short description of the risk
Responsible User
Risk type (default or custom types you created in settings)
Probability value
Consequences value
Probability and consequence values determine the Risk Score, which is automatically calculated according to your risk type settingsAny created custom field (here these are the impact fields, calculating the consequence)
Once the risk is saved and created, you can establish Data connections to relevant data entries within the account. These connections help ensure clearer traceability of where the risk has an impact and support integrated risk management.
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