Introduction to Risk Management

Introduction to Risk Management

Overview

The Risk Management in Bitlion provides a comprehensive platform to identify, assess, and mitigate organizational risks. This module group includes four interconnected components:

• Risk Register - Central repository for all identified risks with assessment and monitoring
• Risk Treatment - Manage and track risk treatment plans and actions
• Third-Party Risk - Assess and monitor vendor and third-party risks
• Risk Report - Generate comprehensive risk reports and analytics

Key Features

The Risk Management Module offers:

• Centralized risk register with categorization
• Risk assessment with likelihood and impact scoring
• Inherent and residual risk calculation
• Risk treatment planning and tracking
• Third-party/vendor risk assessment
• Risk review scheduling
• Comprehensive reporting and analytics
• Integration with controls and compliance frameworks

Dashboard Overview

When you access the Risk Management module group, you will see a dashboard displaying:

• Risk Register - Total number of identified risks
• Critical Risk - Count of high/critical severity risks
• Total Treatment - Number of risk treatment actions
• Total Third-Party - Count of vendors being monitored

Risk Management Process

The typical risk management workflow:

1. Identify - Document potential risks in the Risk Register
2. Assess - Evaluate likelihood and impact of each risk
3. Treat - Define and implement treatment plans
4. Monitor - Continuously review and update risk status
5. Report - Generate reports for stakeholders

Getting Started

To begin using the Risk Management Module:

1. Navigate to Risk from the main menu
2. Start by adding risks to the Risk Register
3. Assess each risk with likelihood and impact scores
4. Create Risk Treatment plans for significant risks
5. Add vendors to Third-Party Risk for monitoring
6. Generate Risk Reports for management review