Getting started with AI Risk Essentials

Use AI Risk Essentials to identify, assess, and mitigate risks across your organization. The app guides you through each stage of the risk lifecycle, from identification to mitigation.

The Home page provides a high-level summary and quick access to each section.

Home page

The Home page helps you understand your risk landscape at a glance. It provides:

  • Summary of active risks by severity

  • Quick access to risk identification, assessment, and mitigation

  • Visuals that highlight risk distribution and recent assessment results

Key components

  • Risk identification Select how to identify risks and create risk records.

  • Risk assessment Run assessments and review scores.

  • Risk mitigation Add and monitor mitigation plans for active risks.

Risk assessment overview

Use this section to view the latest status of your risks. It’s automatically updated with the most recent data.

  • Risk score chart Displays the number of risks in each severity band:

    • Dark green - Very low The risk poses minimal concern and can be managed effortlessly without requiring intervention.

    • Green - Low The risk presents a minor challenge and is unlikely to cause significant disruptions. Periodic monitoring is sufficient.

    • Yellow - Medium The risk requires attention, as it has the potential to create noticeable but manageable issues. Proactive measures may be needed.

    • Red - High The risk could lead to serious consequences and requires active mitigation strategies to prevent escalation.

    • Dark red - Very high The risk is critical and demands immediate, focused action to minimize severe consequences.

  • Impact and Likelihood heatmap Displays risk positioning based on assessment inputs. Each cell indicates the number of risks at that impact and likelihood combination.

Note

The system automatically calculates the risk score based on the selected impact and likelihood. Values may not reflect accurate scores if they were adjusted manually.

Step 1: Identify risks

Start by identifying potential risks that could affect your organization. In the Risk identification section, you can:

  • Select a method to document risks

  • Create and categorize risks

  • Select risks based on business function or exposure

This step builds your risk inventory. Use consistent terms to ensure clarity and reporting accuracy.

Step 2: Assess risks

After identifying risks, evaluate how likely they are to happen and how much impact they would have. In the Risk assessment section, you can:

  • View automatically calculated risk score based on the severity bands displayed on the interactive heatmap

  • See assessment results reflected on the Home page after approval

You can adjust risk scores manually if needed. These changes are also captured in the overview.

Step 3: Mitigate risks

After risks are assessed, create plans to manage or reduce them. In the Risk mitigation section, you can:

  • Add mitigation plans

  • Track progress over time

Focus on high and very high-risk items first. Update plans regularly to keep them aligned with business changes.