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How do you monitor and control risk exposure with software?

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Risk exposure is the potential loss or harm that may arise from uncertain events or conditions in a project or business. It can affect your objectives, resources, reputation, and stakeholders. To manage risk exposure effectively, you need to monitor and control it with software tools that help you identify, analyze, prioritize, respond, and communicate risks. In this article, you will learn how to use some common software features and functions to monitor and control risk exposure.

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Prakash Oruganti

Risk & Policy
Olena G.

Director | Harvard Law School Executive Education

1 Risk registers

A risk register is a software tool that records and tracks all the identified risks, their causes, impacts, probabilities, responses, and owners. It helps you to monitor and control risk exposure by providing a central and updated source of information, enabling you to filter, sort, and group risks by various criteria, and generating reports and dashboards that show the status and trends of risks. You can use a risk register to review and update risks regularly, assign and follow up on actions, and document lessons learned.

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Prakash Oruganti

Risk & Policy
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Using software for risk registers involves centralizing risk data, real-time monitoring, assigning owners, automating alerts, analyzing trends, and adapting strategies. It streamlines risk management, enhances communication, and ensures timely mitigation, leading to informed decisions and better project outcomes.

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2 Risk matrices

A risk matrix is a software tool that visualizes the relationship between the probability and impact of risks, using a grid of colors or symbols. It helps you to monitor and control risk exposure by allowing you to compare and prioritize risks, based on their severity and urgency, and to allocate resources and responses accordingly. You can use a risk matrix to communicate and justify your risk decisions, to identify and address gaps or overlaps in risk coverage, and to track changes and progress in risk levels.

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Prakash Oruganti

Risk & Policy
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In my opinion Risk matrix monitoring and control using software involves creating risk categories, assessing impacts and likelihoods, assigning actions, automating alerts, and tracking progress. This streamlines risk analysis, enhances collaboration, and ensures proactive risk management for optimal project outcomes.

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3 Risk alerts

A risk alert is a software tool that notifies you of any changes or issues that may affect your risk exposure, such as new risks, triggers, deadlines, or deviations. It helps you to monitor and control risk exposure by ensuring that you are aware of and responsive to the current risk situation, and that you can take timely and appropriate actions to prevent or mitigate risks. You can use a risk alert to set up and customize the frequency, format, and recipients of notifications, to integrate with other software tools and platforms, and to escalate and resolve issues.

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Prakash Oruganti

Risk & Policy
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In my opinion Leveraging software for risk alert monitoring and control involves setting up alert triggers based on predefined risk thresholds, impact levels, or changing conditions. When risks exceed these thresholds, automated alerts are generated, notifying relevant stakeholders in real-time. This allows for swift response, timely mitigation strategies, and informed decision-making. Additionally, software enables tracking and documentation of actions taken in response to alerts, ensuring accountability and continuous improvement in risk management practices. By utilizing software for risk alert management, organizations enhance their ability to proactively address potential threats and minimize their impact on projects and operations.

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4 Risk simulations

A risk simulation is a software tool that uses mathematical models and techniques to estimate the possible outcomes and impacts of risks, based on various scenarios and assumptions. It helps you to monitor and control risk exposure by enabling you to test and evaluate different risk strategies, to quantify and compare the risks and benefits of different options, and to identify and optimize the critical factors and variables that affect your risk exposure. You can use a risk simulation to perform sensitivity, scenario, or Monte Carlo analyses, to generate charts and graphs that illustrate the results, and to support your risk decisions with data and evidence.

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Prakash Oruganti

Risk & Policy
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Monitoring and controlling risk simulations using software involves several key steps. First, input various risk factors, scenarios, and parameters into the simulation tool. The software then runs simulations, generating potential outcomes based on different combinations of these factors. Monitor the results to understand the range of possible outcomes and associated risks. Next, analyze the simulated outcomes to identify patterns, trends, and high-risk scenarios. These insights aid in developing mitigation strategies and contingency plans. Adjust input parameters and variables to explore alternative scenarios and assess their impact on risk exposure.

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5 Risk reviews

A risk review is a software tool that facilitates the periodic and systematic evaluation and improvement of your risk management process and performance. It helps you to monitor and control risk exposure by providing you with feedback and insights on the effectiveness and efficiency of your risk management practices, the alignment and achievement of your risk objectives, and the identification and implementation of best practices and lessons learned. You can use a risk review to plan and conduct audits, surveys, or interviews, to collect and analyze data and metrics, and to generate and implement action plans and recommendations.

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Olena G.

Director | Harvard Law School Executive Education
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In my experience, any software tool and its periodic evaluation will require a human review to validate the performance of the risk

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Prakash Oruganti

Risk & Policy
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Monitoring and controlling risk reviews using software involves systematic steps. First, input identified risks and their attributes into the software tool. Define criteria for risk assessment, including likelihood, impact, and risk rating scales. Schedule regular risk review sessions using the software's calendar and notification features. During reviews, analyze each risk's status, reassess its likelihood and impact, and update its rating. Discuss changes in risk context, project scope, or stakeholder concerns. Utilize the software to record decisions made during risk reviews, such as accepting, mitigating, transferring, or avoiding risks. Assign action items and owners to ensure follow-up on mitigation strategies.Set alertsreminders

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you monitor and control risk exposure with software?

1

2

3

4

5

6

1 Risk registers

2 Risk matrices

3 Risk alerts

4 Risk simulations

5 Risk reviews

6 Here’s what else to consider

Risk Management

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How do you monitor and control risk exposure with software?

1

2

3

4

5

6

1 Risk registers

2 Risk matrices

3 Risk alerts

4 Risk simulations

5 Risk reviews

6 Here’s what else to consider

Risk Management

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