How to create a risk and connect it to an asset

Step 1. Login to your Formalize account and access the 'Assets' tab, under 'Resources'.

• Login to the compliance software Formalize with your credentials at: https://app.formalize.com/auth/login
• Choose 'Resources' at the left-hand side.
• Press 'Assets' ->'+Add Asset' (Inside of options)

Step 2. Create the asset 

• Add a name to your asset, and describe it briefly. You can connect your asset to various data points on the platform, such as different systems that the laptop interacts with. You can also assign a responsible user to the asset and associate it to a folder, press 'Create' once you are done with filling all the information.
• Note that the fields inside the red square are personalised fields, which you can create in the settings so they appear every time you add an asset. 

Step 3: Create the Risk 

• Choose 'Compliance' at the left-hand side.
• Press 'Risks' ->'+Add Risk' (Inside of options)
  

• Add a name and brief description for the risk, remember to connect it to the relevant asset (e.g., the laptop) and other related data points. Assign the risk to the responsible person, which in this case would be the IT Manager and Risk Manager, Also, associate the risk with the appropriate folder. 

•  Include the probability of occurrence and the potential consequence if the risk materialises.

• Press 'Create' to complete the risk creation.

  

Note that it is possible to add customised field to the Risk Creation window. To do this, go to Settings > Compliance > Risks.

Step 4. View the Assets with Connected Risks

We have repeated the process for a computer from the development team, associating it with a higher consequence due to the critical data source repository on developers' laptops. Now, you can view both risks associated with the asset and preview each one.

Note that if you forgot to connect the risk to the asset, you can simply go to the asset, choose 'Connect a Risk,' and select the relevant risks to establish the connection.