New Risk AI

On of the key places that you will notice the benefit of StartRisk is the New Risk AI tool. This tool will take an input from you, details about your organisation and risk framework and make recommendations for risks for you to consider. It gives you are great head start when working on new projects or considering new scenarios that you haven’t come across before.

There are a number of different ways to use the New Risk AI some more simple and others requiring more detailed context. Below are some examples of common use cases and guidelines to help you get the most from StartRisk.

When you’re starting out in StartRisk one of the most helpful ways to use the New Risk AI is to ask for common risks relevant to a particular class of risks. To do this, simply say “Recommend some risks for the [add you risk class here] risk class”

Once you do this, the New Risk AI will produce a list of 5 risks related to that risk class. You can then add, edit or delete these recommendations as you see fit.

This is a great way to get things up and running quickly.

Let’s say that you are meeting with someone in the office and they mention an issue or incident that has happened. You may want to record that as a risk but aren’t sure how to word it in the context of your organisation because it’s a specific incident.

Thankfully the New Risk AI tool can take the details of the incident and prepare a risk description that fits within the business context holistically. This could be as simply as adding in a brief description of what happened.

Or you could add a more detailed description like an incident report to get a more specific recommended risk. As a genera rule, adding more detailed context will result in more specific risk recommendations.

How specific a risk should be will depend on how your organisation wants to manage risks. Generally, more specific risks result in more specific controls which can lead to a greater number of both risks and controls overall. This then results in more effort to review and maintain the risk profile. So it’s very important to get the balance right.

To help with this, the New Risk AI will also recommend some risks against relevant risk classes for the business. These recommendations aim to be at the right level of detail for your organisation helping reduce the potential for excessive risk creation.

Say you’ve been given a new idea or project to consider. It’s common to map out what that project could look like, how it could work and what could go wrong along the way. You may need to prepare a plan or business case to document this thinking.

In this situation the New Risk AI can help by coming up with a single risk describing the idea or project overall, or it can identified several risks specific to risk classes identified for the business.

Let’s take an example of launching a new product called the Widget 2.0. Below is an example of what you could input into the New Risk AI. It’s like a conversation you would have with a Risk Manager in your business, there’s no need to use formal business writing, although you can if you want.

Based on this example, the New Risk AI will recommend a single risk description for the product launch of Widget 2.0 overall:

It will also recommend some individual risks relevant to the product launch that have been described in the context:

You can decide what the best approach is for your specific idea or project. It could be the single risk, the individual risks or a combination of both.