A risk rank report is a tool to qualitatively rank risks in a risk register. When a risk register is generated, each risk is assigned an inherent and residual probability. Also each impact is assigned an inherent and residual impact value.
These probabilities and impact values are used to calculate inherent and residual risk scores. Risk scores are calculated by:
Risk Score = Probability X Impact
Creating the Report
To create a risk rank report, click the Risk Rank Report button on the Simulation Master ribbon.
Select the risk register from the drop-down box.
The are two pages on the form, one for filtering entries, and one for what data fields to show. We'll start with entry options. When the risk register is selected, all owners are shown in the list boxes.
Since each risk may have multiple impacts, we need a way to calculate an aggregate impact for the risk.
There are two ways to do this:
- Use the impact with the highest value.
- Use the average of all impacts for a risk.
For our example, we'll use maximum impact.
Since this is a rank report, risks must be sorted according to either inherent or residual risk scores. We'll select inherent score.
We can select what entries to include in the report based on owner. Issues and closed risks are not included in the report.
For our example, we'll include all owners.
If we click on the Field Options tab, the following will appear.
Any field that is checked will be included in the report. You can uncheck fields that you don't want to show in the report to reduce clutter.
For the example, we'll include everything.
Click the Create Report button to generate the report.
The risks in the report are sorted from greatest to least inherent risk score. Risks 4, 5, and 9 have the greatest inherent risk.
Saving Field Settings
Earlier we showed the Field Options page which is where we choose which data fields to include in the report. If you're repeatedly creating reports with the same data fields, you can save the field settings in the risk register sheet.
The next time the risk register is selected, the field settings will be pre-checked.
For example, let's open the report form and click on the Field Options tab.
The default is for all fields to be checked. Let's say we don't want to include everything, so we'll uncheck some of the fields.
When the correct fields are checked, click the Save Settings button. The next time the risk register is selected, the fields will be pre-checked.