Risk Relationships Overview

Relationships between Risks in the Prevalent Platform allow users to determine whether two risks are associated with each other on the basis of either custom criteria, or pre-defined standards from the Content Library.

Once the relationships between risks are determined from the “Manage Risks” page; and a vendor triggers one (or both) of these risk items; a relationship between the two risk items is and displayed on the Risk Item Card.

If both Risk Items generate, the user can use the new ‘Related Risks’ tab to quickly navigate through the defined group of risks without having to return to the filter to renew the search each time, leading to easier navigation for Risk Review Sessions.

The user can optionally store data here in the form of ‘Custom Fields’ associated to the Type of relationship.

If only one of the Risk Items generates, the user is shown that a ‘Potential’ relationship exists but that one of the Risks was not generated by the responder allowing users to get a deeper insight into risk dependencies in different scenarios.

Users can also create a manual ‘Ad-Hoc’ relationship. To indicate that, while these two Risks are related in the case of this individual vendor, it does not need to be applied at the global level.

How to Create a Relationship Type

Users can create different types of risk relationships in the Prevalent platform and then assign these types to identify how they two risks are related.  To create a new relationship type:

 1.  Go to the “Manage Risks” section of the Portal:

2.  Select the Pencil Icon next to the “Risk Relationship Types” header in the sidebar.

3.  Select “Add a new relationship type”

4. Populate the “Name”, “Description” for the Relationship Type. You can optionally choose a color to represent this relationship. Select the “Save” button to the save the relationship.

Custom Attributes for a Relationship Type

1. Go to the “Manage Risks” section of the Portal:

2. Select the Pencil Icon next to the “Risk Relationship Types” header in the sidebar.

3. Select the Pencil Icon next to the Risk Relationship Type you want to create a Custom Attribute for

4. Select the “Attributes” tab

5. Select “Create a New Attribute”

6. Choose a name for this attribute, a description and a type for this attribute. The type of attribute determines the kind of information that can be stored in this field.

7. You will now be able to populate data against individual instances of this relationship throughout your Risk Registers.

Edit a Relationship Type

1. Go to the “Manage Risks” section of the Portal

2. Select the Pencil Icon next to the “Risk Relationship Types” header in the sidebar.

3. Select the Pencil Icon next to the Risk Relationship Type you want to edit

4. You can edit then ‘name’, the ‘description’ and the chosen color of this Risk Relationship Type.

 

Delete a Relationship Type

1. Go to the “Manage Risks” section of the Portal

2. Select the Pencil Icon next to the “Risk Relationship Types” header in the sidebar.

3. Select the Red Trash icon to remove this Risk Relationship Type

NOTE: You cannot delete a Relationship Type if a Relationship exists at any level between two Risks or two Risk Items

 Create a Relationship between two risks

1. Go to the “Manage Risks” section of the Portal:

2. Search for the Risk you want to establish a relationship from and select the Pencil Icon next to this Risk

3. Select the ‘Relationships’ tab

4. Choose the Type of relationship you want to create and the Risk you want to establish a Relationship towards

5. Select the “Add” button to confirm this relationship

6. Select the “Submit” button to confirm your changes. NOTE: Relationships are not saved until the Submit button is selected.

7. You can delete a Relationship between two Risks by using the delete icon. This will delete any potential or actual relationships in your risk registers. This will not delete any relationships you have verified throughout the portal. 

Viewing Related Risk Items

1. Navigate to an individual item within a Risk Register. 

2. Select the “Related Risks” Tab

 

You will now see all the Risk Items related to the one you are currently item based on an existing Relationships between Risks .

There are three kinds of relationships between risk items:

Actual Relationships between Risk Items

If a relationship between two risks exists, and an entity triggers both of these as risk items  in answering a Survey, then there is a ‘Actual Relationship’ between these items.

Actual Relationships will show you all high level information to the related Risk Item including the severity of this risk and the name of the related risk.

You can expand this view to all see the Risk Type, the Current Status of the Risk, how the risk was established; and why the risk was generated.

Potential Relationship between Risk Items

If a relationship between two risks exists, and an entity triggers only one of these risks, then there is a ‘Potential Relationship’ between these items is displayed on the Related Risks tab.

This indicates that, while these two risks are inherently related, only one is currently a risk to the entity. The other ‘potential’ risk was not generated in response to an assessment.

Potential Relationships are displayed as a greyed out in the related risk tab.

Creating a Verified Relationship between Risk Items

Both Potential and Actual relationships will dynamically change as relationships are created or deleted at the “Manage Risks” page.

To store a relationship between Risk Items the persists if changes are made at the Global Level, you will need to verify the relationship by selecting the chain icon.

Once you have done this, information relating to the particular relationship can be stored in the custom attributes.

To remove the verified relationship, select the Bin Icon in the full details of the Relationship. This will also remove any details stored in the custom attributes for this relationship.

Creating an Ad-Hoc Relationship between Risks Items

If no relationship exists at the Risk level, you will not see any relationship generated at the Risk Register level.

You can create a relationship between risk items on an ad hoc basis if there no prior relationship exists at the global level.

To do so,

1. Navigate to the Risk Item you want to create a relationship from

2. Select the “Related Risks” tab

3. Select Add a new relationship

4. Choose a name and type for this relationship before selecting the second risk you want to relate to. 

Creating the relationship on an Ad-Hoc basis will automatically classify this a ‘Verified’ relationship.