Create a risk event response template

  • Release version: Washingtondc
  • Updated February 1, 2024
  • 2 minutes to read

    • Automatically add approvers, issues, and owners to a risk event based on the conditions defined in the risk event response template.

    Before you begin

    Role required: sn_risk.manager and sn_risk.admin

    Procedure

    1. Navigate to All > Risk Events > Administration > Response Templates.
    2. Select New.
    3. On the form, fill in the fields.
      Table 1. Risk Event Response Templates form
      Field Description
      Number Template number. This number is automatically set.
      Entity Entity that the template is created for.
      Category Category that the risk event applies to if there is an occurrence. You can edit the category to apply one of the following options.
      • Personal: For example, any physical harm caused to an employee.
      • Legal: For example, an employee conducts a business that is a conflict of interest.
      • Information Security: For example, a theft, burglary, or system crash.
      • Human Resources: For example, sensitive lawsuits by an employee against another employee.
      • All: Any risk event that is reported.
      Approval rule based on Rule used while assigning the event.
      • Gross Loss
      • Net Loss
      • Expected Loss
      This field depends on the values in the Event type and Sub type fields. For example, if the event type is Financial, and the sub type is Actual, the approval rule is based on gross loss, net loss, or expected loss. If the Sub type is Potential, the approval rule is expected loss, by default. If the Event type is Non-Financial Impact, the approval rule is Non-financial, by default.
      Event type Event type.
      • Financial Impact: Indicates that the event has an associated financial loss. Enter the amount. You can choose the currency.
      • Non-Financial Impact: Indicates that while the event does not have any financial loss, it does have a non-financial impact on the organization. For example, non-financial impact can be negative market news or a decline in employee morale.
      Sub type Event sub type. Select one of the following:
      • Actual
      • Potential
      Auto close event once approved Option to select if the event must be closed after approval. Selecting this option results in closing of the event after the issue and root cause are closed. If a risk event has open issues or tasks, the risk event is not closed even after approval.
      Currency conversion date Currency conversion dates for the risk event entries. You can select specific dates for currency conversion rather than relying solely on the date of impact to calculate the net loss. The options are as follows:
      • Risk event entry date
      • First loss entry date
      • Last loss entry date
      • First recovery entry date
      • Last recovery entry date
      • Custom date
    4. In the Risk Event Owner Assignment section, select the assignment type and the owner or owning group.
    5. To automatically create an issue, select the Automatically create issue check box in the Issue Creation and Assignment section.
    6. In the Root Cause Analysis Task section, fill in the fields.
      Table 2. Risk Event Response Templates form
      Field Description
      Automatically create RCA task Task creation for root cause analysis (RCA). Automatically create a Root Cause Analysis (RCA) task based on the amount entered in the Threshold for task creation field.
      Assigned to Person that the RCA task is assigned to.
      Threshold for task creation Option to specify the threshold amount after which an RCA task is created. For example, users can specify that after an event crosses loss worth $1000, an RCA task must be created.
      Priority Priority of the event. Select from:
      • Critical
      • High
      • Moderate
      • Low
      • Minor
    7. Select Submit.
      A new risk event response template is created.