Video Training for Overview: Risk Matrix Tab
Audio Extract for Overview: Risk Matrix Tab
Transcript and Screenshots for Overview: Risk Matrix Tab
In this training, I will give you an overview of the Risk Matrix tab in Managenable® risk template software.
The Risk Matrix tab is available from the Home tab, under the Profile section.
The Risk Matrix tab has a Data Filters section that you use to select the dataset you want to display on the risk heat maps.
For more information on how to use Data Filters, please refer to the relevant training.
You can also show or hide this section.
Underneath the section All Risk IDs Involved, you find the actual Risk Matrices or Risk Heat Maps.
If both the Inherent Risk Assessment, and the Control modules are activated, then you can choose to display the following assessments on each Risk Matrix: inherent risk, acceptable risk, residual risk, control design, or control implementation.
Therefore, the list of assessments available depends on the modules currently activated or shown, and currently deactivated or hidden, in the Options tab.
For more information on Modules Management in the Options tab, please refer to the relevant training.
Each Risk Matrix displays the number of risks for the selected assessment and, Data Filters.
The validity of Data Filters is also displayed.
Anything different than a v-shaped green symbol must be immediately corrected in the Data Filters section at the top of the tab.
Each cell in the Risk Matrix displays the total number of risks with the related combination of likelihood and consequence.
Also, each Risk Matrix displays data bars which give you interesting visual insights on the number of risks per likelihood and consequence level.
And there is an even more interesting feature available: Bubble Chart Overlays.
You simply have to select Show or Hide in the drop-down list.
This is a very useful feature to further grasp the story being told by the Risk Matrix.
For instance, the two first risk heat maps display Acceptable Risk assessments for the Data Filters selected.
With the Risk Matrix on the left, only the total number of risks is displayed, and it may be difficult to get some meaning out of it.
However, with the Risk Matrix on the right, the Bubble Chart overlay is displayed, and the spread of risks in the heat map is much easier to comprehend.
You can copy and paste a Risk Matrix, with or without its Bubble Chart overlay.
Select the Risk Matrix, and press Control and C on your keyboard.
Then, open your report, right click where you want to paste the Risk Matrix and, select Paste as a Picture.
Underneath the Risk Matrices or Risk Heat Maps, you find the Count and Percentage section, which contains some basic, yet, very useful statistics.
You can show or hide this section.
For each Risk Matrix above, there are 3 tables.
A table with basic statistics for each Risk Exposure…
… a table for each Risk Likelihood or Risk Probability level…
… and, a table for each Risk Consequence or Risk Impact level.
Underneath, you find the section Risk IDs per Zone and Component, which contains the Risk IDs included in the heat maps.
You can show or hide this section.
For each Risk Matrix above, there are lists of Risk IDs for each Risk Zone…
… for each Risk Likelihood level…
… and, for each Risk Consequence level.
Underneath, you find the section: Risk Matrix for a Single Risk.
This section contains risk heat maps which display the inherent, acceptable, and residual risk assessments…
… as well as the control design and implementation assessments, for the single risk selected.
On the left side, you select the risk to display on the risk heat maps.
You can select a risk by its Risk ID, or by its Risk Statement.
Simply click on the title and choose how you want to select the risk.
When you choose to select the risk by its ID, you can then select the Risk ID to display on the Risk Heap Maps.
When you choose to select the risk by its statement, you can then select the Risk Statement to display on the Risk Matrices.
All Risk Statements are automatically sorted by alphabetical order.
The validity status for the selected risk is displayed beside your selection.
Anything different than a v-shaped green symbol is a cause for concern and must be addressed in the Risk Register tab.
In the Control Register tab, you can decide, for each risk, to use information or not use information in that tab.
This influences the Risk Heat Maps.
If the risk you selected uses information in the Control Register tab, then the Risk Matrix will display the control design and control implementation assessment for that risk.
However, if the risk you selected does not use information in the Control Register tab, then the Risk Matrix will not display any control design and control implementation assessment…
… and, instead will advise that this risk ID does not use information in the Control Register tab.
For more information on the Control Register tab, please refer to the relevant training.
At the top of the Risk Matrix tab, there is a feature called Additional Matrix on the Right.
This feature contains a drop-down list to show or hide the additional matrix on the right.
When you select Show, the tab displays 3 Risk Heat Maps for Multiple Risks, including the related statistics and lists of Risk IDs and the tab displays 2 Risk Heat Maps for a Single Risk.
When you select Hide, the tab displays only 2 Risk Matrices for Multiple Risks, including the related statistics and lists of Risk IDs and, the tab displays only 1 Risk Matrix for a Single Risk.
In summary, the Risk Matrix tab contains very easy to use, yet powerful features, to create meaningful Risk Matrices with related information, for multiple risks, as well as for a single risk.
Additional Help & Training
Download the Risk Template in Excel