To create a risk in-app, utilize the ‘Create’ button on the right side of the application.
This will lead you to a new window where you are able to fill out the following Risk Details.
- Audit Project: Select an existing Audit Project or click Create Audit Project at the top.
- Process: Select an existing Process or click Manage Processes to add a new process directly from the Create Risk page..
- Risk ID
- Risk Title (Optional)
- Risk Description
- Risk Category: Financial, Operational, Strategic, Regulatory, Governance
You will also be able to populate your Risk Assessment criteria in FloQast. Note: The Risk Assessment fields that are selected will feed into your overall Risk Heatmap. These Risk Criteria are scales are completely customizable, but are defaulted to what is seen in the screenshot below. Refer to the Risk Heatmap article for more information.
- Inherent Risk (Optional): Assign your Impact and Likelihood
- Residual Risk Optional): Assign your Impact and Likelihood
- Tolerance (Optional): Assign your Tolerance
- Assertions (Optional): Existence or Occurrence, Completeness, Valuation or Allocation, Rights and Obligation, Presentation and Disclosure
- Link to Controls: You can link controls from the Audit Project to address the created Risk (optional). The dropdown will include all controls in the identified audit project but you can also click the “View Inventory of Controls” hyperlink to be directed to the Controls tab for more information on each control.
- Assign this Risk: You can assign preparers and reviewers and deadlines to the Risk. Assignee options will be FQ users who have access to the specific audit project.
Click “Save” at the bottom of the screen, and your new risk will populate in the Risks tab.