Several ready-made risk assessment forms have been built into Falcony to speed up the identification of risks, but individual risks can also be recorded reactively. All risks still accumulate in the same place in Falcony. Risk assessment forms can be found under “Create a new audit” button and the risk is identified individually under “Report a new finding” button:

Risk assessment is always included in reporting the identified risk. When registering an individual risk from the "Report a new observation" section, the form automatically has risk assessment questions regarding the severity and probability of the consequences.

For each risk, it is also possible to identify opportunities inherent in the risk, if there are also possible positive consequences involved. The opportunities are also evaluated in terms of probability and possible consequences.

Residual risks are most often assessed after risk management measures (more information on measures in the next section). The same principles apply to residual risks as in risk assessment to guarantee comparability, i.e. the same scale and the same questions.

When evaluating strategic risks, each identified risk can be linked to the company's goals, strategic initiatives, projects or, for example, a SWOT analysis. It is possible to do this either with open text fields as part of risk identification or by importing goals/strategic projects as a multiple-choice field into Falcony.

As part of strategic risks, it is also possible to record e.g. the potential costs of the risk and the potential returns of the opportunity in order to prioritize different risks.

You can improve the management of risk assessments using Falcony's scheduling function. It is especially useful to schedule risk assessments that take place at frequent intervals, where the same form is used and which are often also done per location/function/department/etc. When scheduled, the responsible persons receive automatic reminders of future risk assessments and the parties responsible for risk management are able to monitor the progress of the risk assessments.

So that you don't have to start your annual risk assessment from scratch every year, you can copy the previous risk assessment as a basis.

All risks are automatically linked to the risk register, which can be found in Falcony's statistics section. The register is available by cost center, department, unit, function and organizational level. The risk register is easy to filter and organize according to risk categories, types and other data fields. Each risk can also be viewed directly from the link in the risk register, enabling quick commenting and monitoring the status of the risks.