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By November 23, 2023No Comments

Release Date: 23/11/2023

RISKUL v1.6.0 introduces new features to the Risk Register, Risk Register Dashboard, & the Project Dashboard.

We’ve added a ‘Cost’ feature to enable a Risk Budget to be included in a Project and specific costings to be applied to Risk Register Worksheet entries.

Adding a Risk Budget

When creating a new project simply add a Currency and a Risk Budget into the fields shown below. The Currency field is free text, if your project is working in 1000’s Euros then your Currency field entry could be kEURO. The Risk Budget is a numeric field.

Adding a Risk Budget to an existing Project is exactly the same. Select ‘Edit Project’ from the Project Dashboard and enter the information into the fields. The Risk Budget will display once costs have been inputted into the Risk Register Worksheet. If no costs are added to the Risk Register Worksheet the Project and Risk Register Dashboards will display the Risk Register Cost Summary as ‘No Risks have assigned costs’.

Changes that you make to your Risk Budget figure will automatically update your Project and Risk Register Dashboard and the cost fields within the Risk Register Worksheet.

If you don’t want to add costs to your Risk Register Worksheet you don’t have to, just leave the Risk Budget field blank and costs won’t show even if you enter costs into some of the fields in the Risk Register Worksheets.

Risk Register Worksheet

We’ve updated the Worksheet to facilitate the cost features and have also removed some columns to make completing the Worksheet a little easier.

  • ‘Strategy’ column has been moved to follow ‘At Risk’.
  • ‘Responsible’ column has been removed.
  • ‘Action Included’ column has been removed.

We’ve added 4x specific cost related columns into the Worksheet:

  • (A)Cost: Actual / estimated cost without cost reservation applied. This is actual or estimated overall cost of the risk. The field is numeric entry.
  • (R)Cost: Pre-mitigated cost with % cost reservation applied. RISKUL will populate this field. Cost reservation can be applied to the (A)Cost based on the probability values determined in your Risk Classification Matrix (see Cost Reservation below).
  • (RR)Cost: Post-mitigated cost with % cost reservation applied. As above.
  • (R)%: % value of the entry from the overall Risk Budget. RISKUL will populate this field with the % value to enable you to see how much of your post-mitigation risk budget is being used by an individual risk.

We’ve also added an (A)Cost filter to the Worksheet.

Cost Reservation

Cost Reservation will apply a % value to the (A)Cost. For example: If the probability of a risk being realised is Highly Probable then you may want to reserve 100% of the (A)Cost to that risk. If the probability of a risk being realised is Highly Improbable then you may to reserve a smaller amount of the (A)Cost to that risk or reserve no cost to that risk. To enable this feature and give the flexibility to determine Cost Reservation we’ve made a slight change to the Risk Classification Matrix (see below).

Risk Classification Matrix

The Probability section of the Risk Classification Matrix has a new row ‘% of (A)Cost Provisioned’.

If your matrix has 5x probability levels then there will be 5x ‘% of (A)Cost Provisioned’ columns showing. Each column is numeric entry and can be decided by the User. In the example below a ‘Highly Improbable’ probability results in a 5% Cost Reservation being applied to the risk cost entry.

Example: If your risk budget was €500 and you allocated €500 to the (A)Cost of a specific risk the (R)Cost field in the Worksheet would return a value of €25 (5% of €500) if you assessed the probability of the risk being realised as ‘Highly Improbable’. If the probability was assessed as ‘Probable’ the (R)Cost field in the Worksheet would return a value of €400 (80% of €500).

Cost Provisioned entries are user determined. To update the cost provisioned fields simply select ‘Edit RC Matrix’ and input the figures you want. RISKUL will default with 0 entries when creating a new RC Matrix Template.

Changes to Cost Provision fields will automatically update the Risk Register Worksheet.

Dashboard Updates

When a Risk Budget is set and cost added to the Risk Register Worksheet a Cost Summary block will display on the Risk Register and Project Dashboards. We’ve also moved the Risk Register and Opportunities blocks above the HAZID, HAZOP, HIRA, TRA blocks in the RAM Summary as costs only apply to Risk Register content.

Cost Summary

The Cost Summary displays all the information from the Risk Register Worksheet entries where cost has been assigned.

  • Risk Budget: Displays the numerical Risk Budget figure assigned to the Project.
  • Currency: Displays the Currency selected for the Project.
  • Risk Cost Graph: Displays the SUM of the risk costs assigned. The values shown above the columns are the numerical totals for each cost (A)Cost, (R)Cost, (RR)Cost.
  • Budget Remaining Graph: Displays the budget remaining for each cost (A)Cost, (R)Cost, (RR)Cost. The values shown above the columns are the numerical totals for the remaining budget whilst hovering on the column returns a % value of the remaining budget.
  • The supporting table provides a tabular overview of the graphical content.
  • #Risk with cost allocated / not allocated: Shows the number of Risk Register Worksheet rows with / without a cost allocation.

Overspending the Risk Budget will display negatively on the Graph and show as red text in the table entries.

Risk Register Export / Print

Layout change and format improvements to incorporate the cost columns.

2x Risk Register Worksheet print templates to choose from 1x with Cost, 1x without Cost.

When printing a Risk Classification Matrix the ‘% of (A)Cost Provisioned’ columns will print in the Probability section.
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