Risk assessment project · SN Doc Reader

You can perform assessments on multiple risks and controls simultaneously by creating a risk assessment project. Risk assessment project enables assessors to review multiple risks and controls to understand their potential impact, likelihood, and associated mitigation strategies.

Overview of a risk assessment project

A Risk assessment project is a structured process designed to assess multiple risks and controls simultaneously, particularly within workshop-based RCSA (Risk and Control Self-Assessment) environments. It replaces manual data entry and fragmented workflows by enabling efficient data collection, collaborative input from stakeholders, and automated reporting. A Risk assessment project simplifies coordination, speeds up processes, and improves data accuracy by providing a unified workspace for evaluating risks collectively and reliably.

Note: Assessment of multiple risks and controls is supported only in Risk Workspace.

A risk assessment project can scope multiple entities at the same time. For more information, see Multi-entity risk assessment project.

Benefits of a risk assessment project

The following are the key benefits of a risk assessment project:

Simplifies the RCSA process by enabling multiple risks and controls to be assessed at the same time, which saves time on manual data collection.
Reduces the chances of errors and inconsistencies by using automated error handling and providing comprehensive error summaries before finalizing assessments.
Reduces unnecessary back-and-forth interactions among stakeholders by involving all required participants in the assessment project.
Enables navigation between different stages of risk assessments and access multiple risks and controls simultaneously, without switching screens.
Provides detailed summary reports on the assessment results.
Simplifies the process of signing off on all the risks together within the project.
Enables access to reference information related to each risk in the sidebar panel.

Personas involved

The following personas are involved with the risk assessment project:

Project owner

The project Owner creates and manages the risk assessment project. It includes setting up the project context, identifying relevant stakeholders, and defining the scope of risks that must be assessed.
Assessor

The project assessor performs assessment on multiple risks and controls within the risk assessment project. They analyze each risk, evaluate the effectiveness of existing controls, and create risk response strategies.
Approver

The Project Approver reviews the completed risk assessments and provides the final sign-off on the project. They confirm that all scoped risks have been assessed and either approve or reject the risk assessment.

Roles required

The following roles are required for a risk assessment project:

Risk assessment project reader [sn_risk_advanced.risk_asmt_project_reader]: Provides read-only access to the risk assessment projects.
Risk assessment project user [sn_risk_advanced.risk_asmt_project_user]: Provides the ability to create risk assessment projects and update or delete only the projects created by the user.
Risk assessment project manager [sn_risk_advanced.risk_asmt_project_manager]: Provides the ability to create, update, and delete any risk assessment projects.

For more information, see Roles installed with the GRC Risk Workspace.

Note: After the Define stage is complete, you can select Reassign from the project header to reassign the project's assessor, instead of navigating to the Assess stage.

Workflow of risk assessment project
The risk assessment project workflow is a structured process to assess multiple risks and controls simultaneously using Risk Workspace.
Multi-entity risk assessment project
A risk assessment project can scope risks across multiple entity classes and multiple entities at the same time.
Create a risk assessment project
Create a risk assessment project to perform assessments on multiple risks and controls simultaneously using Risk Workspace. You can define the project context, includingone or more assessable entities, Risk assessment methodology (RAM), project name, description, and identify and add stakeholders.
Assess Risk Projects in Stacked View
Perform assessments on multiple risks and controls simultaneously in a risk assessment project using Risk Workspace. You can assess inherent risks, effectiveness of controls, residual risks, and target risks. You can define risk responses that enable you to manage and mitigate the risks identified during the risk assessment process.
Assess Risk Projects in Grid view
Perform assessments on multiple risks and controls simultaneously in a risk assessment project using the grid view. You can assess inherent risks, effectiveness of controls, residual risks, and target risks. You can define risk responses that enable you to manage and mitigate the risks identified during the risk assessment process.
Reassess a risk assessment project
Reassess a risk assessment project to assess any completed risk assessment project. It verifies that risks are reviewed and updated to reflect new insights or changing conditions, maintaining alignment with organizational goals.
Reassign assessor for a risk assessment project
Reassign assessors for multiple in-progress risk assessment projects simultaneously to minimize disruptions during stakeholder transitions.

Parent Topic:Using the Risk Workspace

Related topics

Workflow of risk assessment project

Multi-entity risk assessment project

Create a risk assessment project