Methodically identify, analyze, and mitigate operational risks
Understand operational risks
Improve your ability to anticipate, avoid, and recover from operational risks by addressing them methodically and consistently. DevonWay Risk Management helps you manage the entire risk lifecycle, including post-mitigation revisions.
Use DevonWay Risk Management to proactively identify, rank, and create mitigation plans for risks. Use ranking criteria configured to your unique processes. Optionally, use more advanced risk analysis frameworks, such as Failure Mode & Effects Analysis (FMEA), to drive risk mitigation actions. Response strategy follows ISO 31000:2018 "risk treatment."
You can connect risks with existing processes to see where risks are coming from, then analyze their significance and identify appropriate steps to address them. Risks are easily associated with issues, assessments, compliance gaps and other DevonWay workflows.
Efficiently manage and mitigate risks
Understanding how actions affect risk severity gives you insight into what is working and what needs improvement.
Use Universal Trending and self-service Business Intelligence to gauge the effectiveness of your risk mitigation actions, identify opportunities for improvement, and determine residual risks (the amount of risk that remains after you account for controls).
Risk heat maps and color-coded risk matrices highlight where to focus and help you communicate with stakeholders. Automated reports for management and regulators save substantial time and expense.
Copy line items up to a specified field to make duplicating partial information easy.
Optional FMEA Template
Choose to integrate Failure Mode & Effects Analysis into your system and export to PDF, Excel, CSV, etc.
Set up scheduled notifications so you’re always aware of changes to worrying trends.
Risks are presented across a hierarchy of individual risks, which roll up to business unit risk areas and general risk categories.
Scoring and Color Codes
Risks include scores and colors indicating severity level along with associated likelihood and consequence values for calculating the scores.
Risks can be associated and managed with other DevonWay products such as Management of Change, Document Management, Corrective and Preventive Actions, Audits and Assessments, and more.