--- sourceDocument: Yokohama Governance, Risk, and Compliance sourceDocumentLink: https://servicenow-prod.fluidtopics.net/r/yokohama/governance-risk-compliance Release : - yokohama ft:locale : - en-US ft:publication_title : - Yokohama Governance, Risk, and Compliance ft:clusterId : - grc bundleId : - grc workflow : - Technology --- # Project Risk Assessment using Advanced Risk Assessment # Project Risk Assessment using Advanced Risk Assessment {#ariaid-title1} * Release version: Yokohama * * Updated January 30, 2025 * * ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 2 minutes to read Summarize ![AI sparkle icon](https://servicenow.com/docs/portal-asset/ai-sparkle-icon) Summarized using AI This content was generated using new OpenAI-powered functionality. Results are provided on an as is basis and are not guaranteed to be accurate or complete. ## Summary of Project Risk Assessment using Advanced Risk Assessment The Project Risk Assessment capability enables risk administrators, project managers, and risk owners to effectively manage project risks throughout their life cycle. As organizations expand, performing tailored risk assessments for unique projects becomes essential. The project risk life cycle includes phases such as identification, assessment, mitigation, and monitoring, and is supported by the Governance, Risk, and Compliance (GRC) Advanced Risk Assessment feature in version 11.0.1. Show full answer Show less ## Key Features * **Risk Assessment Engine:** Integrated with a robust risk assessment engine to manage project risk requirements. * **Visibility and Reporting:** Offers tools like aggregated project risk ratings and heatmaps for efficient visibility of risk posture. * **Enterprise Reporting:** Allows easy reporting of risks to the enterprise risk team for necessary action. * **Integration Benefits:** Project Managers can identify risks from a standard taxonomy, assess risks, elevate them to enterprise risks, monitor risk posture, and view an overview dashboard. * **Enterprise Risk Management:** Enterprise Risk Managers can view project risks affecting the enterprise and take appropriate actions. ## Key Outcomes With the integration of Project Portfolio Management and Advanced Risk Assessment, organizations can customize their risk management processes according to project complexity. The workflow includes configuring the integration setup, assigning risks for assessment, and utilizing predefined factors to determine risk scores. This structured approach ensures that project risks are effectively managed and escalated as necessary, thereby enhancing overall risk management across the organization. Manage your project risks by using the Project Risk Assessment capability. Risk administrators, projects managers, and risk owners can manage the complete project risk life cycle by using the Project Risk Assessment capability. As your organization grows, it is important to perform risk assessments of your projects. Because each project is unique, it is important to customize the project risk management process according to the unique project requirements. Determining the right level of project risk management process constitutes the risk management plan. The project risk life cycle consists of phases such as project risk identification, project risk assessment, project risk mitigation, and project risk monitoring. With version 11.0.1, you can use Governance, Risk, and Compliance (GRC) Advanced Risk Assessment to assess your project risks. The feature is integrated with a strong risk assessment engine which you can use with strong project risk management requirements. This feature also provides efficient visibility and reporting of the project risks posture by using tools such as aggregated project risk ratings and heatmaps. The integration also ensures that when a project risk threatens to affect the enterprise, the risk can be easily reported to the enterprise risk team. The enterprise risk team can then define the necessary mitigating actions. ## Benefits of the GRC and Project Portfolio Management integration for managers {#risk-and-ppm-better-together__section_rbg_wrp_4mb} Using this integration, Project Managers can do the following activities: * Identify the risks from a standard risk taxonomy. * View the risks for their projects within the Project form. * Identify and assess the risks from the Project form itself. * Assess the inherent and residual risks. * Elevate a project risk to an enterprise risk if the risk impacts the enterprise. * Calculate the roll-up risk scores across projects, programs, and portfolios so that the stakeholders can view this information. * Monitor the risk posture of a project through risk aggregation. Note: Only the project risks that are assessed contribute to the final risk scores. * View the heatmap of the risks as well as understand the mitigating actions. * View the Project Risk Overview dashboard to get an overall risk posture. {#risk-and-ppm-better-together__ul_r3q_lsp_4mb} Enterprise Risk Managers also benefit from the integration. They can do the following activities: * View the project risks that affect the enterprise and take necessary action. * Get an overall view of the enterprise-level risks and their nature at all levels. ## Use case for the GRC and Project Portfolio Management integration {#risk-and-ppm-better-together__section_zzm_4sp_4mb} To understand the use case for this integration, consider the following scenario. An organization can have multiple projects. Some projects are complex and some are less complex. Risk management of complex projects may be aligned to ISO 31000 risk assessment standards. Complex projects require various activities such as risk identification, assessment, response, and monitoring. Less complex or simpler projects might require only simple assessments. The integration between Project Portfolio Management and Advanced Risk Assessment supports the risk assessment of project risks. * **[Workflow of project risk assessment](https://servicenow-prod.fluidtopics.net/sYg~df3cjudAsB8P2Zd99g)** To understand the integration of Project Portfolio Management and Governance, Risk, and Compliance risk management capabilities, it is important to understand the workflow of project risk assessment. * **[Configure Project Portfolio Management and Advanced Risk integration](https://servicenow-prod.fluidtopics.net/g~Ji4wi3inaytFYre1Mlsw)** Use the Project Integration Configuration form to set up the risk assessment. You have to select the risk assessment methodology, the right assessors and approvers, and the formula to roll up the risk scores and show the scores at a project level. * **[Assign project risks to stakeholders for assessment](https://servicenow-prod.fluidtopics.net/qvVHV7vSwVTZtzM9TIailA)** Assign the project risks to the relevant stakeholder for assessment. You must manually assign the risks to the stakeholders. * **[Assess project risks using Advanced Risk Assessment](https://servicenow-prod.fluidtopics.net/OhsJfH2UPxQ6TZ23dLnweA)** Assess the project risks by responding to predefined factors or questions. Arrive at a risk score for the project. * **[Elevate a project risk to enterprise risk](https://servicenow-prod.fluidtopics.net/RXQpslVYpkfH2btd0ZgTsg)** Elevate a project risk to an enterprise risk if the project risk has an impact on the enterprise. **Related topics** * [About Project Portfolio Management](https://www.servicenow.com/docs/access?context=c_ProjectPortfolioSuite&version=yokohama&pubname=yokohama-it-business-management&ft:locale=en-US)