In this guide, we’ll cover how to configure risks settings, create risks, and provide an overview of how to apply a mitigation risk strategy.
Overview
The Risks section in Formalize allows you to create different risk types and configure probability and consequence scales to match your organization’s requirements. You can customize the information collected for each risk and link related elements such as suppliers, incidents, or other elements.
Once risks are defined, you can apply mitigation strategies to manage and reduce their impact.
Configure your Risk settings
Here’s a quick introduction to setting up your Risks module in Formalize. The video below walks you through the key settings to get started, including:
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How to enable approval flows within risks.
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The purpose of the mitigation fields and custom fields in the risk module.
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Organizing your risks using folders.
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Setting up risk types and how to customize and configure the consequence, probability, and risk score for each risk type.
Articles mentioned in the video above :
More details about how to set up approval flows are in our Approval Flow guide.
For guidance on using custom fields to set up your mitigation fields, configuring fields across your risks module, and creating calculations—refer to our Fields article. It also covers how to build custom calculations, which follow the same logic used for probability and consequence scoring.
Create Risks
In the video we provide a detailed walkthrough on how to create tasks in Formalize. It covers:
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What information is required to create a risk.
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Custom calculated consequence in action and how to manually set up probability.
Articles mentioned in the video above :
- The first video in this article on Risk Settings.
How to apply a Risk Strategy
In this part of the article, we’ll walk through:
- The different risk strategies available
- The difference between manual and calculated mitigation
- How to apply a mitigation strategy to a risk
Articles mentioned in the video above :
- The first video in this article on Risk Settings.
For help creating custom fields, see our Fields article.
by Lea Vietze, Customer Success Manager
We hope this article was helpful and that you now have a clear understanding of how to work with the Tasks module in Formalize!If you need additional support, please feel free to schedule a meeting with our Customer Success team, here.
For a platform overview and commercial details, you can book a meeting with Kristoffer, from our Sales team, here.
Otherwise you are of course always welcome to reach out by email contact@formalize.com.
