---
sourceDocument: Australia Governance, Risk, and Compliance
sourceDocumentLink: https://servicenow-prod.fluidtopics.net/r/governance-risk-compliance

 Release :

    - australia

ft:locale :

    - en-US

ft:publication_title :

    - Australia Governance, Risk, and Compliance

ft:clusterId :

    - grc

bundleId :

    - grc

workflow :

    - Technology


---

# Setup checklist for GRC Advanced Risk

# Setup checklist for GRC
Advanced Risk {#ariaid-title1}

* Release version: Australia
* 
* Updated May 4, 2026
* 
* ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 1 minute to read

Use the following checklist to get a high-level overview of the basic configurations
available with the Advanced Risk application.

## Before you begin

Role required: sn_risk.admin

## Procedure

Create and print a PDF of the checklist topic and check off tasks as you complete them.  
{#setup-checklist-advanced-risk__table_tks_kv4_rcc__entry__2}

| Item | Checklist |
|-|-|
| ![]() | Risk managers can create hierarchies that include different types of risk (operational risk, IT risk, or strategic risk). Once the underlying risks are assessed, the risk scores are automatically rolled up across the risk statement hierarchy, providing better tactical and strategic decision-making. For details, [Risk hierarchy and scoring](https://servicenow-prod.fluidtopics.net/8gcCnXC~TqTe5esU7spHhQ "Starting with New York, risk managers can create hierarchies that include different types of risk (operational risk, IT risk, or strategic risk). Once the underlying risks are assessed, the risk scores are automatically rolled up across the risk statement hierarchy, providing better tactical and strategic decision-making."). |
| ![]() | Risk managers must define the risk statement hierarchy and associate child risk statements to parent to create a risk hierarchy. For details, see [Define risk statement hierarchy](https://servicenow-prod.fluidtopics.net/3Rqy5j_6tuAWMmPDZzldeQ "Risk managers establish parent and child relationships on the risk statement form.") |
| ![]() | Risk rollups are critical to display the accurate risk ratings. Risk administrators can define the rollups and hierarchy. For details, see [Risk score rollup in Advanced Risk Assessment](https://servicenow-prod.fluidtopics.net/S17ZHpe9VYFpmR9vrY1X7w "In Advanced Risk Assessment, risk scores are calculated across risk statement hierarchy, entity hierarchy, or a combination of both. These methods enable stakeholders to monitor their risk posture and provide visibility of the overall aggregated risk score.") |
| ![]() | Risk events are potential or actual financial and non-financial losses, near misses, and gains that occur within an organization. Risk administrators can integrate risk events with other applications to facilitate reporting of risk events. For details, see [Manage risk events](https://servicenow-prod.fluidtopics.net/7mbpnPBDoWpYmf77gS6YhA#manage-risk-events "Risk events are potential or actual financial and non-financial losses, near misses, and gains that occur within an organization. Risk events are also known as loss events or loss entries.") |
| ![]() | With GRC Advanced Risk Assessment, create an integrated risk platform. Risk administrators can configure detailed risk assessment options. For details, see [Advanced Risk Assessment](https://servicenow-prod.fluidtopics.net/~zKds~uUI54gnR9oGZ6H3A "Use the ServiceNow Governance, Risk, and Compliance (GRC) Advanced Risk Assessment feature to create an integrated risk platform. This integrated platform supports various kinds of risk assessment methodologies. It enables you to integrate risk assessment as part of your overall decision-making process.") |
[Table 1. Advanced Risk application checklist]

{#setup-checklist-advanced-risk__table_tks_kv4_rcc}