Create a New Risk (v8.xx)

For each identified risk a new Risk document must be created. This document defines which project the risk refers to, and classifies the risk. Classification criteria are defined in the various Risk setup documents.

To create a new risk:

Navigate to the [Projects] tab.
Click "New risk" on the contextual navigation menu OR click "Create" on the action menu bar and select "Risk".

From the content window click on the [Create] menu and select “New risk”

Header

The new risk form will open.

Risk	Title of the risk.
Project	The project that the risk applies to.
Phase	The phase of the project the risk applies to. If it applies to the project as a whole, then select Global.
Project leader	The main project leader (not the project leader substitute).
Deadline	Visual indicators: Red, deadline passed. Orange. Green, OK.
Version	Version number of the document.
Modified on	Date and time of the last modifications. By clicking on the date you can access the history of the modifications.
Last comment New discussion	Displays the last comments made on the risk. You can reply directly to the comments by clicking on "Reply" and you can create a new discussion by clicking on "New discussion". See "Collaborate with Genius Live!" for more information.

[General] tab

The [General] tab is used to define the likelihood that the risk will occur, and its potential

consequences (impact). Geniusproject can track two sets of values for likelihood and impact; the planned value (original) and the actual value after mitigation. Each set of values can have up to 6 levels of measurement, depending on the risk setup.

Once likelihood and impact have been set, the system automatically computes the severity of the risk by multiplying them (likelihood by impact). Geniusproject uses a matrix to provide a visual representation of the risk’s likelihood and impact combined.

Depending on the setup, this matrix can be a 3x3 matrix, a 6x6 matrix, or any combination in between. The matrix indicates whether each risk is high, moderate, or low.

The bullet shows the original position of the risk in the evaluation matrix. Once the qualification has been done the original likelihood and impact will be locked as reference data. Once the risk is locked a new line appears below to track the actual "likelihood", "impact" and "severity". The bullet will show the actual position of the risk in the risk matrix during and after mitigation.

	Risk 1st level	The risk’s first level of classification. The label for this field
	of	comes from the Risk labels setup document. The list of choices
Classifica- tion	classification	is defined in the corresponding Risk setup document.
Classifica- tion	Risk 2nd level of classification	The risk’s second level of classification. The label for this field comes from the "Risk labels" setup document. The list of choices is defined in the corresponding Risk setup document, according to the value selected in the previous field. Mandatory.

	Risk 3rd level of classification	The risk’s third level of classification. The label for this field comes from the "Risk labels" setup document. The list of choices is defined in the corresponding Risk setup document according to the value selected in the previous field. Only visible if the number of classification levels defined in the "Risk labels" setup document is at least "3", and then mandatory.
	Risk 4th level of classification	The risk’s fourth level of classification. The label for this field comes from the "Risk labels" setup document. The list of choices is defined in the corresponding Risk setup document, according to the value selected in the previous field. Only visible if the number of classification levels defined in the "Risk labels" setup document is "4", and then mandatory.
	Original/ Likelihood	Likelihood the risk will occur. List of choices. Possible values are 1 to 6, depending on the setup done in the "Risk labels" setup document. The corresponding labels come from the "Risk labels" setup document. The "Original" label also comes from the "Risk labels" setup document.
	Original/ Impact	Impact the risk will have once it occurs. List of choices. Possible values are 1 to 6, depending on the setup done in the "Risk labels" setup document. The corresponding labels come from the "Risk labels" setup document.
	Original/ Severity	The product Likelihood * Impact.
	Original/ Evaluation	By default, computed and equal to the severity. It can be edited and changed manually by clicking the closed padlock icon to the right of field label (the icon shows the current status). Clicking the open padlock icon switches back to the computed value.
		The padlock icons show the current status.
		: the field is editable.
		: the field is not editable.
Risk Levels	Padlock icons	Once all original values are set, they can be locked and the actual values are displayed. The original values can be then unlocked and modified.
		If there is no workflow defined, editing is done through the closed padlock icon or can be locked again with the open padlock icon next to the table’s "Risks" label. If a workflow is defined, then the icons are hidden and the standard workflow functions must be used to lock and unlock the values. See the Workflow definition document for further information.
	Actual/ Likelihood	Computed likelihood, according to the completed mitigation actions. The "Actual" label also comes from the "Risk labels" setup document.
	Actual/ Impact	Computed impact, according to the completed mitigation actions.
	Actual/ Severity	Computed severity, Actual likelihood * Actual impact.
	Actual/ Evaluation	By default, computed and equal to the actual severity. But if the original evaluation was edited and modified manually, it is also editable and by default equal to the original evaluation.
	Matrix	A matrix ranging from3x3 to 6x6, depending on the matrix setup done in the "Risk labels" setup document. It displays the original position of the risk (big gray bullet), and the actual position (small blue bullet) when original values are locked. The vertical axis represents the likelihood, where the horizontal axis represents the impact.

The matrix is divided into one to three zones, green, orange and red, depending on the matrix setup done in the "Risk labels" setup document. Clicking on the question mark icon (?) next to the table title displays the legend for the matrix. The legend is customizable.

When the original values are locked, an icon is displayed in the lower left corner of the matrix, which allows running the risk calculation according to the completed actions.

[Impact] tab

The [Impact] tab consists of text fields used to describe the impact the risk could potentially have on the project, as well as the value of the impact in days and dollars.

Impact	Optional, Description of the impact of the risk. Rich text.
Quality	Optional. Impact on the quality if the project’s results. Free text.
Planned days	Delay in days if the risk occurs
Cost	Additional costs if the risk occurs.

[Mitigation] tab

Geniusproject allows for the creation of actions as a mitigation plan that will either reduce the likelihood of a specific risk from occurring; reduce the impact of a risk on a project and its deliverables, or both.

All mitigation actions in Geniusproject are in fact "Task" documents that are linked to the "Risk", but managed as standard tasks. The creation of these mitigation tasks are initiated from the [Mitigation] tab in the Risk form.

Mitigation actions

Click the icon to create a new mitigation action. It is possible to create up to 10 mitigation actions.

Icon

Displayed for each defined mitigation action.

: The task is not completed.

: The task is completed.

Description	Displayed for each defined mitigation action. The task’s subject. It is also a link that opens the corresponding Task document directly.
Costs	Displayed for each defined mitigation action. The task’s internal cost.
Duration	Displayed for each defined mitigation action. The task’s planned workload.
% on the likelihood	Displayed for each defined mitigation action. The amount likelihood is reduced once the action is completed. Percentages can be locked by clicking on the open padlock icon. Once locked, they can be unlocked by clicking on the closed padlock icon.
% on the impact	Displayed for each defined mitigation action. The amount impact is reduced once the action is completed. Percentages can be locked by clicking on the open padlock icon. Once locked, they can be unlocked by clicking on the closed padlock icon.
Total costs	The total internal costs of all defined mitigation actions.
Total days	The total planned workload of all defined mitigation actions.

Once the task has been created, its cost and workload are retrieved and listed in the risk document.

It is possible to assign a value to likelihood and impact for each task. This value represents how much the risk will be reduced if the task is completed i.e. if a risk’s likelihood is rated 5 and task T has a mitigation likelihood factor of 20%, once task T is completed the risk’s likelihood will be reduced to 4.

Rate for Mitigation Action

Tasks created for mitigation will calculated by the default Rate.

Note: If Multi-Rate-Management is switch on and the default Rate should not be used for the cost calculation, an additional Action Type must be added in Keywords & Labels. The Activity Type must call "Mitigation action" on both databases, Project and Resources.

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Create a New Risk (v8.xx)

Create a New Risk (v8.xx)

Rate for Mitigation Action

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