Risk Consolidation

[Former Member]

Hi experts,

Do you know how the workflow "Risk Consolidation" works?

Thanks for your comments,

Kind regards,

[T_Frenehard · Accepted solution]

Hello John,

In essence, Risk Consolidation is an activity in the Planner that enables users from selected organizations (typically Unit Risk Managers) to flag the risks from their organizations that they feel need to be reported to their parent entities during a reporting exercise.

At the end of the process, a group level user (typically the CEO) can review all the risks flagged during the process, respond to a survey and approve.

It can be considered to be a sign off of the risk process and it is required by some best practices. 

You can find information in the dedicated page in the Help Portal (Risk Consolidation) and also more details in the  Release Note of this feature (RN Risk Consolidation.PDF).

I trust this will help.

Thank you and best regards,

Thomas

[Former Member · Accepted solution]

Hi Thomas,

Thank you for your reply, but I have configured everything according to the information you referred to but even though the consolidation plan is displayed in the "Risk Consolidation Monitor", the Risk Expert does not receive the item in the work inbox. I have tried to check SWIA, but nothing happens related to this workflow. Should I see something in the SWIA?

Thanks,

Kind regards,

[T_Frenehard · Accepted solution]

Hello John,

I would suggest assigning 0RM_PERF_CONSOLIDATION (Perform risk consolidation) and 0RM_VALI_CONSOLIDATION (Review risk consolidation) to organizational unit users rather than risk level users like the Risk Experts are. Indeed, the intent of this feature is to allow authorized users to flag relevant risks from their organizations that they would like to report to their parent entities, either because they could cause a significant impact or because they would prevent the achievement of company's objectives. Risk Expert are assigned directly on risk events so would not have the consolidated view to be able to do this.

As a result, I would suggest assigning 0RM_PERF_CONSOLIDATION to Unit Risk Managers for instance, as these are documented at the organizational level.

Concerning your question about transaction SWIA, yes, you should indeed be able to see the Risk Consolidation workflow tasks logged there, as in transaction SWI1.

Thank you and best regards,

Thomas

[Former Member · Accepted solution]

Thanks for your reply Thomas. The objective of this feature is to "publish" the risks that can be relevant to a certain parent organization, right?

Can this be displayed in a report?

Thanks,

Kind regards,

[T_Frenehard · Accepted solution]

Hello John,

There is no report template per se as the intent is more often to help the risk/audit committee validate the risk management process of the company and help the top management validate its effectiveness.

As a result, Risk Consolidation Monitor is the dedicated monitoring/reporting capability on the risks that were reported during the process, but also the other risks that were automatically flagged or were in scope.

Thank you and best regards,

Thomas

[Former Member · Accepted solution]

Ok, thank you very much for your response. Everything is clear now!

Kind regards,