In theory, boards of directors, CEOs and company officers are to track and manage risks.
In practice, this is hard to do, so often we delegate risk management to the CFO role.
Risks typically get logged into a static document, with variable accountability and limited visibility of the risk status, impact assessment and mitigations.
#stratapp changes the game. Risk cards are living and breathing within the organization. Risk management becomes real, with clear ownership, accountability and real-time transparency on the status and the work being done to mitigate the risk.
With #stratapp, risk management is no longer a box ticking exercise.
Risk cards in #stratapp can be standalone or added to other modules, for example, cards in the strategic plan hierarchy, select KPIs or project workboards.
#stratapp makes it easy for everyone in the organization to identify, track and mitigate risks.
Who can see what risks is subject to the security setting on each risk card – the same approach in #stratapp to managing security on all card types and workboards. For example, if the CEO is managing a risk in relation to cash flow, then that risk card is likely to be set as Top Secret, with visibility and access strictly limited to the members invited to that risk card by the CEO.
Similar to the other modules inside #stratapp, the design construct and UX for risk cards applies what you already know. You do not need to learn new concepts or language. As you would expect, each risk card comprises:
- Status – urgent / needs attention / under control
- Probability – high / medium / low
- Impact – high / medium / low
- Migitations – current and closed
- WIP and collaboration – tasks, workboards and structured social
- Filtering – so you can quickly see the risks you are interested in
On future releases, we will add AI capabilities on trending and interpretation.