Risk Template in Excel Training • Overview: Risk Register Tab

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In this training, I will give you an overview of the Risk Register tab, in Managenable® risk template software.

The Risk Register tab is available from the Home tab, under the Risk section.

Risk Register Link In Home Tab

In the Risk Register tab, you can record information related to the core aspect of any risk management practice.

A risk refers to the potential effect of uncertainty on an objective, as it is defined in the ISO31000 Risk Management Standard.

Risk: Effect Of Uncertainty On Objectives (ISO31000)

However, other risk definitions can also be used in this risk register tab, as far as risks are directly related to objectives.

The Risk Register tab is paired with the Risk Parameters tab for the customization of drop-down lists and automated cells, as well as for their color coding.

Risk Parameters Tab Title

In the Risk Register tab, the validity status of each record, and the overall register, is available in the leftmost column.
For more information on the Validity Status in Registers, please refer to the relevant training.

Validity Status Column

The first columns of the Risk Register tab is where you create the new risk record.

You select the Status of the risk; if the risk is open or closed.

Risk Status Column

You type the Risk Statement of the risk.

Risk Statement Column

And, you select the Risk Owner.

Risk Owner Column

The list of risk owners in the drop-down list, is automatically extracted from the People Register tab.

Risk Owner Drop Down List

For more information on the People Register tab, please refer to the relevant training.

The section At Risk is where you select the Structure at Risk, and then the Objective at Risk.

This sequence is most effective, especially if you have a long list of objectives to choose from.

At Risk Section

You must first select the Structure at Risk, which is the structure which owns the Objective at Risk.

Structure At Risk Column

The list of structures in the drop-down list, is automatically extracted from the Structure Register tab.

Structure At Risk Drop Down List

After you selected the Structure at Risk, you can then select the Objective at Risk.

Objective At Risk Column

Simply click on the cell Objective at Risk, and the risk management tool will automatically create a drop-down list which includes only those objectives which belong to the Structure at Risk you selected.

Objective At Risk Drop Down List

If for any reason the list of objectives is not refreshed, simply reselect the Structure at Risk before clicking again on the cell Objective at Risk.

The Objective Owner is automatically displayed, based on the information available in the Objective Register tab, for the Objective at Risk.

Objective Owner Column

For more information on the Structure Register tab, and the Objective Register tab, please refer to the relevant training.

The section Risk Custom Lists is where you select an item in each Risk Custom List which is activated.

Risk Custom Lists Section

For more information on the Use of Custom Lists, please refer to the relevant training.

The section Risk Elements is where you record the Risk Sources Involved, and the Possible Risk Events which may trigger the risk to occur.

Risk Elements Section

The sections Risk 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.

Risk Criteria and Quantitative Value At Risk

The section Inherent Risk Levels is where you record the Likelihood and Consequence levels, before any treatment or control is applied to the risk.

Inherent Risk Levels Section

Actually, you can choose to hide, and to not use, this section altogether.

In the Options tab, under the Modules Management section…

Risk Module Link In Options Tab

… you can reach the Risk Module section where you can select to show or hide the Inherent Risk Assessment feature in the Risk Register tab, and throughout the risk management tool.

Inherent Risk Assessment Section In Options Tab

For more information on showing or hiding the Inherent Risk Assessment feature, please refer to the relevant training.

If you decide to show and use the Inherent Risk Assessment feature, you simply select the Inherent level from 1 to 5…

Risk Level Drop Down List

… for the risk likelihood, and for the risk consequence.

Inherent Risk Level Selection Columns

For risks with an objective at risk where a quantitative value is needed, you also enter an inherent value at risk.

Inherent Value At Risk Input

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.

Inherent Risk Likelihood and Consequence Columns

The columns Level, Exposure, and Zone are automatically calculated, based on the Likelihood and Consequence levels your selected.

Inherent Risk: Levels, Exposure, and Zone

The text for Exposure is extracted from the Risk Criteria tab…

Inherent Risk Exposure Column

… and the color-coding of the Zone is set in the Risk Matrix Settings tab.

Inherent Risk Zone Column

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 Acceptable Risk Levels is where you record the Likelihood and Consequence levels intended as the target to reach and maintain for the risk.

Acceptable Risk Levels Section

You simply select the acceptable levels from 1 to 5, like you do for the Inherent Risk levels.

Acceptable Risk Level Selection Columns

For risks with an objective at risk where a quantitative value is needed, you also enter an acceptable value at risk.

Acceptable Value At Risk Input

All other columns are automatically filled-up to provide you with additional key information, as already explained for the section Inherent Risk Levels.

The section Residual Risk Levels is where you record the Likelihood and Consequence levels after the current treatment, or control, is applied to the risk.

Residual Risk Levels Section

You simply select the residual levels from 1 to 5, like you do for Inherent and Acceptable risk levels.

Residual Risk Level Selection Columns

And for risks with an objective at risk where a quantitative value is needed, you also enter a Residual value at risk.

Residual Value At Risk Input

All other columns are automatically filled-up, as already explained.

The section Gap Targeted is automatically calculated and color-coded based on the settings in the Risk Parameters tab.

This section compares Inherent Risk levels and Acceptable Risk levels.

Gap Targeted: Inherent vs. Acceptable

These columns display explicit information about the gap which must be addressed for the Likelihood and Consequence of the risk.

This feature will save you a huge amount of time when verifying the meaningfulness of levels entered for Inherent Risk and Acceptable Risk.

Gap Targeted: To Verify Meaningfullness

The section Gap Controlled is automatically calculated and color-coded based on the settings in the Risk Parameters tab.

This section compares Inherent Risk levels and Residual Risk levels.

Gap Controlled: Inherent vs. Residual

These columns display explicit information on the gap which may, or may not, have been addressed for the Likelihood and Consequence of the risk.

This feature will save you a huge amount of time when assessing the progress made with the treatment, or control, currently being applied.

Gap Controlled: To Assess Progress Made

The section Gap To Control is automatically calculated and color-coded based on the settings in the Risk Parameters tab.

This section compares Residual Risk levels and Acceptable Risk levels.

Gap To Control: Residual vs. Acceptable

These columns display explicit information on the gap which still needs to be addressed for the Likelihood and Consequence of the risk.

This feature will save you a huge amount of time when assessing where additional effort is needed to reach the Acceptable target levels.

Gap To Control: To Assess Additional Effort Needed

The section Worst Risk Gap is automatically calculated and color-coded based on the settings in the Risk Parameters tab.

This section compares the Gap Targeted, Gap Controlled, and Gap To Control.

Worst Risk Gap: Targeted vs. Controlled vs. To Control

These columns display explicit information on the Worst gap for Likelihood, for Consequence, and, as a summary, the Worst gap between Likelihood and Consequence.

This feature will save you a huge amount of time for getting a valuable Snapshot of where additional attention and effort should be applied, when considering altogether, the Inherent, Acceptable, and Residual risk levels.