Managing a Supplier Risk

Navigate to the Risks & Issues tab of the supplier record.

Select the Risk you wish to manage by clicking on the Risk title.

Manage Risk

From within this section, you can add a rating for how severe the consequence of this risk is and how likely this risk is to occur. You can also input the date of the next time this risk will be reviewed.

Inputting the risk consequence and risk likelihood ratings will create a visual demonstration in the chart on the right hand side and will also produce a grade for the risk automatically.

If previous reviews of the risk have been recorded already, the detail of those reviews can be displayed in summary. Selecting Review now will allow you to review the risk.

Basic Information

Risk detail such as the risk title, type, description and raised date will be displayed here and can be changed if required.

Advanced Information

Further Risk detail such as the risk owner, impact summary that the risk poses to your business, along with mitigation detail will be displayed and can be changed if required.

Reviews

If a risk has not been mitigated and subsequently becomes an issue, an issue can be created and linked to the corresponding risk.

To record details of a review for a risk, select the + Review button.

A wizard will appear automatically populating the review date and the reviewed by owner. There is a space for comments to be entered to provide details of the review and there is an Outcome dropdown. The Outcome dropdown has options for specifying an increase or decrease in the likelihood/consequence and also the risk closing, becoming an issue and becoming irrelevant.

If the risk is still present by the end of the review, the date of the next review should be entered at this stage.

If the risk has now become an issue, this must be recorded against the risk so the two items can be linked.

A new issue can be created by selecting + Issue. The steps on how to create the issue can be found within the Creating an Issue article.

Risk management update

Once this has been completed, the record should be updated accordingly through utilising the Manage Risk section of the risk tab. Remember to select the Save button in the bottom right of the screen before exiting the risk record.

Watch the below video to see how this works.

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Creating a Supplier Risk

Creating a Supplier Issue

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