Video Training for Overview: Control Register Tab
Audio Extract for Overview: Control Register Tab
Transcript and Screenshots for Overview: Control Register Tab
In this training, I will give you an overview of the Control Register tab, in Managenable® risk template software.
The Control Register tab is available from the Home tab, under the Remediation section.
In the Control Register tab, you can record information related to the Control of risk.
A control refers to a specific view on how to treat a risk.
In this risk management application, the key difference between a risk Treatment and a risk Control, is that with a risk Control, you can select likelihood and consequence levels, for both Control Design and Control Implementation.
And the ability to select these control levels opens the door to various automated analysis on the coherence between risk assessments reported in the Risk Register tab, and what is actually intended and implemented in terms of control.
Therefore, this Control Register tab is of great help to Internal Auditors, Project Controllers, Business Analysts, Strategic Planners, and whoever else needs to give a deeper look at risk and control assessments.
In the Options tab, under the Modules Management section, you can choose to show or hide the Control module.
Also, the Control Register tab is paired with the Control Parameters tab for the customization of drop-down lists and automated cells, as well as for their color coding.
In the Control Register tab, the validity status of each record, and the overall register, is available in the leftmost column.
The Control Register tab is an extension of the Risk Register tab.
Therefore, the first few columns of the Control Register tab are information extracted from the Risk Register tab.
Those columns are greyed, because any input or change in these columns can only occur in the Risk Register tab.
The column Use Info in this Tab enables you, for each Risk ID, to choose if you want to use, or not to use, the features available in this Control Register tab.
The section Control Custom Lists is where you select an item in each Control Custom List which is activated.
For more information on the Options tab, on the Control Parameters tab, on Validity Status in Registers, on the column Use of Info in this Tab, and on the Use of Custom Lists, please refer to the relevant training.
The section Control Description is where you record an outline of the different types of control for the risk.
There is room for 5 different types of control, which follows a timeline logic: Preventive, Alerting, Reactive, Auditing, and, Corrective controls.
The section Control Classification is where you record the various control categories.
The column Earliest is available for selecting 1 of the 5 types of Control, as the Earliest control that applies to the risk.
The column Primary is available for selecting 1 of the 5 types of Control as the Primary control that applies, which may be different than the Earliest one.
The column Way is available for selecting 1 of the 4 traditional ways to Control a risk: avoid, share, mitigate, or retain.
The column Effect is available for selecting on what risk component the control has some effect: on likelihood, on consequence, or, on both.
And the column Control Owner is available for selecting who is accountable for the control, or set of controls.
The sections Control Criteria, and Quantitative Value at Risk, are automatically extracted from the Objective Register tab, for the objective at risk.
This is useful information for entering data in the following sections.
For more information on the Objective Register tab, please refer to the relevant training.
The section Control Design Levels is where you record the Likelihood and Consequence levels that are intended for controlling the risk.
You simply select the applicable control level from 1 to 5, like you do in the Risk Register tab.
For risks with an objective at risk where a quantitative value is needed, you also enter a value at risk.
All other columns are automatically filled-up to provide you with additional key information.
The texts for Likelihood and Consequence are extracted from the Risk Criteria tab, or the Objective Register tab, depending on how the use of criteria is selected in the Objective Register tab for the objective at risk.
The columns Level, Exposure, and Zone are automatically calculated, based on the Likelihood and Consequence levels your selected.
The text for Exposure is extracted from the Risk Criteria tab, and the color-coding of the Zone is set in the Risk Matrix Settings tab.
For more information on the Objective Register tab, the Risk Criteria tab, and the Risk Matrix Settings tab, please refer to the relevant training.
The section Control Implementation Levels is where you record the Likelihood and Consequence levels that are actually implemented for controlling the risk.
You simply select the applicable control level from 1 to 5, like you do for the Control Design levels.
For risks with an objective at risk where a quantitative value is needed, you also enter a value at risk.
All other columns are automatically filled-up to provide you with additional key information, as already explained in the section Control Design Levels.
The section Performance Analysis is automatically calculated and color-coded based on the settings in the Control Parameters tab.
This section compares Control Design levels and Control Implementation levels.
These columns display explicit plain-English comments on the performance of Likelihood, Consequence, and the overall control.
This feature saves you a huge amount of time for assessing the performance of control on risk.
The section Intent Analysis is automatically calculated and color-coded based on the settings in the Control Parameters tab.
This section compares Control Design levels, from this Control Register tab, with Acceptable Risk levels, from the Risk Register tab.
These columns display explicit plain-English comments on the intent of Control Design, versus the intent of Acceptable Risk, for Likelihood, Consequence, and the overall Risk Exposure.
This feature saves you a huge amount of time for verifying the coherence of Control Design levels with Acceptable Risk levels.
The section Outcome Analysis is automatically calculated and color-coded based on the settings in the Control Parameters tab.
This section compares Control Implementation levels, from this Control Register tab, with Residual Risk levels, from the Risk Register tab.
These columns display explicit plain-English comments on the outcome of Control Implementation, versus the Current or Residual Risk, for Likelihood, Consequence, and the overall Risk Exposure.
This feature saves you a huge amount of time for verifying the coherence of Control Implementation levels with Residual Risk levels.
The section Control Review is where you record key information related to the regular follow-up of the risk Control.
The column Test of Control is available for selecting 1 of the 5 tests of control, such as: tested, underway, scheduled, TBA, or, not tested.
And you enter a brief Outline about the test of control.
Also, like with any other reviews, you record the date of last review, the reviewer’s name, the frequency of review, and the date for the next review.
Finally, the section Control Notes, is where you type any comments you may want to add.
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