Managing risks is something we all do every day, mostly without even thinking about it. When the complexity increases beyond our everyday experiences, such as risks faced by a business or a big project, a more formal approach is needed. However, it really isn’t difficult.
Toolbox, in short, allows you to follow a standardized assessment approach using a visual matrix to quantify your risks before and after your control strategies have been implemented. The risk matrix, which allows you to rate a risk on the basis of likelihood and severity of consequences, can be customized to suit your business or organisation. Control strategies are also customizable.
Risks that have a high overall rating must be controlled. Toolbox lets you define a control strategy and a residual risk after control - risks with higher residual risk require attention and more followup work. Risks therefore have their own task management interface - risk mitigation tasks can be assigned and monitored, links added to relevant documents and inspection schedules can be set up. Conversely, related content including non-conformances, procedures and schedules can link back to risk assessments for reference - thereby increasing risk awareness and communication within your project team.
try it out yourself with our free trial.