Internal Control System

Risk Register

What is a Risk Register?

A risk register is a list of risks and related information. The amount and detail of information associated with each risk is likely to vary from one risk register to another. The size of a risk register can range from a handful of risks to hundreds and more. The risk register provides you with the content for risk management.

Objective Controls Free Risk Register

Users of Objective Controls get access to our free risk register the moment they sign up. The free risk register gives managers who are getting to grips with risk management for the first time a framework to start off with. You can copy and adapt each risk to suit your own organization and once you are familiar with the format of risks from the free risk register, you will be able to carry on with rapidly defining your own risks.

The example below is one of the items of risk content in our free risk register:
Risk: A worker will sue the company after leaving

Likelihood: 3 (Med)
Impact: 4 (Med-High)
Severity: 12 (Med-High)

Control 1 Ensure every worker has signed the no-claims form before releasing final funds.
Control 2 To hold a meeting between HR manager and worker before final day at work and to ask worker to summarize the period of employment, including stating any points he is unhappy about.
Control 3 To check the worker's file before leaving and verify all legal rights have been given.

Getting the Risks From the Free Risk Register

Getting risks from the free risk register is simple. Follow these simple steps:
  1. Log in to Objective Controls.
  2. Go to help and then log into the customer support portal.
  3. Go to the knowledge base and click on All Items.
  4. Click on the risk library category and then on Risk Library Vol 1.
  5. Look at the table of contents and select a risk you would like to put into your risk control environment. Click on the appropriate item to go to the risk specification.
  6. Now, back to Objective Controls app, select Risks and Controls and create a new risk.
  7. Copy the risk information from the risk register example to the risk definition in Objective Controls: Name, likelihood, impact. Change default values for likelihood and impact if necessary, complete any other items of information on the screen and save.
  8. Sample risks come with sample controls. For more information about controls, see internal controls. Create a new control for the risk you have just created.
  9. Copy the control information from the risk register example to the control definition in Objective Controls. Add monitoring data to the control as necessary and save.
  10. If there is more than one control for the risk and it is suitable for your organization, you can repeat as necessary.

Premium Risk Register

The Objective Controls premium risk register contains collections of risks that have been meticulously assembled by professional risk managers. Each risk library contains 25 risks plus extended information and controls.

A risk library purchased from the premium risk register is automatically loaded into your risk control environment without the need for copy/paste. You can accept the default settings or change them to fit your needs.

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