RECAL: the "savvy" risk register

RECAL is our online risk register with a focus on improving risk management techniques and content rather than software. Just two examples:

  1. An intuitive content and table structure: RECAL is based around 4 tables – risks, events, controls and actions – which are linked for management and reporting purposes.
  2. A real world risk management work focus: For senior executives, those in front line operations and the central "risk function", RECAL's 5 modes bring easier and faster insights.

The result? A "savvy" risk register, which provides robust risk management administration, linking to smart models and intelligent controls.

[1] Content: simple table structure

Table Content MatchMaker RECAL Your risk register
Risks Just a table of risks – but learn how we make it shine. Just one table
Events Aka incidents or "bad things that (nearly?) happened" – linked to risks.
Controls This table gets away from various controls combined into a spreadsheet cell.
Actions Separate tables, so controls and actions can be compared and structured.

These tables fit together seamlessly; the "risks" table connects to the other 3 tables. Instead of a column of cells filled with unmanageable text relating to controls and actions we have three columns which contain the number of events, controls and actions (for each risk). Drilling down is possible. A risk-control matrix facilitates managing risks versus controls.

[2] Real world risk management work

Mode Purpose MatchMaker RECAL Your risk register
Analysis Basic views with sorting and filtering, as per Excel, but perhaps easier.
Actions Add, update and delete items. Can be restricted using administration mode.
Advanced Summaries, consistency and health checks, time series for (e.g.) risk score.
Audit Reproduce any past result. Examine changes between two points in time.
Administration Content and appearance of output, permissions and security.

Business and technical features: a simple list

RECAL is our online risk register, offering many business and functional improvements compared to standard approaches. How does your risk register compare to RECAL?

Business comparison areaTypical spreadsheetYour risk registerOur RECAL software
Produces basic information: e.g. tables and heatmaps – a low hurdle!
Supports better judgements: removes the mystery of probability and impact
Integrates with your other models: e.g. cashflow / value models
Brings real world insights: e.g. the key contributors to risk at the 1-in-10 level
Provides a dynamic view: e.g. switch between "1-in-10" and "1-in-200" level
Improves on standard methods: e.g. avoid the traps of standard risk analysis
Calculates total risk: making appropriate allowance for dependencies

Plus, of course, all those feature which make the risk register "savvy".

Functional comparison areaTypical spreadsheetYour risk registerOur RECAL software
Enables sharing with colleagues: e.g. with senior management, risk team
Provides appropriate security: restricts who can view / update risks
Facilitates external insights: e.g. non-competitive sharing between companies
Makes sorting, filtering and updating easy: like Excel, but easier
Enhances data storage: via a single central database, not multiple spreadsheets
Highlights inconsistencies: e.g. net of control risks exceed gross risks Perhaps
Goes beyond checks and balances: savvy tools e.g. risk-control matrices

How we make RECAL a "savvy" risk register

Make no mistake, RECAL is intended to be more than software, helping to move you from an average to a savvy practitioner:

An average risk register is conceptually and practically flawed:

Perhaps as a result, experts have colourfully but seriously suggest that risk registers are:

More

  • Less risk, more management.
  • Risk management entertainment system.
  • A control framework, using risk-control matrices.
  • Intelligent controls.
Copyright 2014: LoveActuary – a Transformaction venture