May Risk Cockpit Product Update
During this month, the focus of the KRM22 Enterprise Risk Cockpit development has been to develop aggregation capabilities within the risk framework. We have also made some small but important improvements around filters within Smart Registers. Finally, we have developed several additional dashboard widgets for risks and controls.
During this month, we have implemented a new and more advanced aggregation method for metrics, risks and controls.
The aggregation method for metrics now incorporates critical metric classification data, such as the class, type and focus. Metrics classification now determines how the metric is aggregated and its relative influence over the resulting aggregated metric value.
Furthermore, we have added the functionality to enable metrics that are marked as ‘critical’ to override the aggregated metric value, when the critical metric is ‘red’. This means that when a critical metric is red, the aggregated metric value is red regardless of the calculated, aggregated metric value.
Alongside aggregation of metric values; we have added aggregation of risk severity, control effectiveness and event severity. This means that if an item (objective, process, initiative, system, venue or info assets) has multiple risks, controls or events as children, the user will be able to see an aggregated view of risk severity, control effectiveness and event severity per item.
This month has seen two new standard filters added to the Risk Cockpit. Each Smart Register can now be easily filtered by the user’s accountabilities; by accountable and by responsible. For example, within the Risk Smart Register we now have ‘My Accountable Risks’ and ‘My Responsible Risks’.
New Risk Severity widgets
New Control Effectiveness widget