Risk Control
Hopex enables you to define risk-mitigating strategies and to implement action plans to remediate risks.
To define the risk-mitigation strategy:
1. See Accessing All Risks.
2. In the properties of a risk, select the Mitigation page.
3. Specify:
• your risk-mitigation Strategy.
• preventive, detective and corrective Controls.
Specifying the Risk-Mitigation Strategy
To define the risk-mitigation strategy:
2. In the Strategy section of the Mitigation page of risk properties, define the strategy that enables the organization to address the risk:
• Acceptance
The risk is accepted without implementing additional mitigation measures. As long as no desire to mitigate the risk is expressed, this strategy will not protect the organization against the risk.
• Reduction
Risk frequency can be reduced by implementing additional controls, or the impact of its consequences can be reduced if the risk occurs.
• Transfer (sub-contractor)
The risk can also be shared with other partners, in particular when they have greater skills in controlling the risk.
• Insurance
In addition to the approaches described above, it is often necessary to rely on insurance, particularly for risks with a low likelihood of occurrence but a high impact.
Specifying Risk Appetite
To specify the level of risk accepted by the organization:
In the Strategy section of the risk Mitigation page, define the strategy that enables you to address the risk.
Implementing Controls
To define controls on the risk:
1. In the risk properties, select the Mitigation page.
2. In the Controls section, define corrective or preventive controls.
The control nature (corrective or preventive) is to be specified in the control properties.• Installation of prevention controls to reduce risk likelihood and impact can be a solution for risk reduction.
• Implementing corrective controls enables you to bring risk level to an acceptable level.
To create a control and connect a risk:
1. In the Governance and Risks navigation menu, click Controls
2. In the control properties, select the Controlled Risks page.
3. Connect a risk.
Remediating Risks
To address a risk, you can implement action plans, which must be defined through a control (either corrective or preventive).
To specify action plans that help prevent or mitigate the risk:
1. In the Governance and Risks navigation menu, click Controls.
2. In the properties of a control, select the Treatment page.
3. Create or connect an action plan.
For more information on action plans, see Using Action Plans.