Overview
Effective risk reporting is crucial for maintaining oversight and driving the necessary actions to mitigate risks. Risk reporting within StartRisk is an integral process designed to provide businesses with options on how they choose to report while at the same time offering a clear and precise understanding of their risk profile.
StartRisk currently includes the following structured risk reporting:
StartRisk Status Report (Summary): the StartRisk Status Report (Summary) is exception-based, highlighting only those risks that fall outside of the acceptable risk appetite. This approach prioritises attention and resources towards the most critical risks.
StartRisk Status Report (Detailed): the StartRisk Status Report (Detailed) includes the detail of all risks and controls within your risk profile. This appeoach can be used when you need to share comprehensive information about your risk profile.
Getting Started with StartRisk - Reporting
Key Concepts
Exception-Based Reporting: This type of reporting focuses on anomalies or exceptions, i.e., risks that do not align with the predefined risk appetite. It efficiently directs attention to areas requiring immediate action or reassessment.
Executive Summary: This section of the report provides a high-level overview of the current risk profile, summarising how many risk classes are outside of the set risk appetite. Users have the option to add custom commentary to this section, providing specific insights or contextual information for stakeholders.
Risk Class Section: Each risk class is detailed in its own section within the report, including a summary of the class and a focus on any risks that exceed the risk appetite. This structured detail allows for targeted discussions and decision-making regarding specific areas of concern.
Creating Reports in StartRisk
To generate a report in StartRisk start by selecting the type of report (Summary or Detailed) from the reports menu:
Once you have selected the report type you will see the Edit Status Report screen. Here you can modify the drafted Risk Class Summary text to include any specific context that you would like to make the report user aware of. For example, this may include emerging risks:
You can also provide specific context against each individual risk class:
Once you have added in any context that you want to share with report users, you simply click the ‘Generate Report PDF’ to create your report: