Risk Management

Manage your risk profile, schedule, assign and track risk assessments

Identify and Assess Risks

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.

Management of Risk

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.

If you would like to learn more about Risk Management in Toolbox,
try it out yourself with our
free trial.
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