RECAL is our online risk register with a focus on improving risk management techniques and content rather than software. Just two examples:
- 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.
- 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 |
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| Risks | Just a table of risks – but learn how we make it shine. | Just one table |  |
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| Events | Aka incidents or "bad things that (nearly?) happened" – linked to risks. | |
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| Controls | This table gets away from various controls combined into a spreadsheet cell. | — | |
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| Actions | Separate tables, so controls and actions can be compared and structured. | — | |
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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 |
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| Analysis | Basic views with sorting and filtering, as per Excel, but perhaps easier. | |
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| Actions | Add, update and delete items. Can be restricted using administration mode. | |
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| Advanced | Summaries, consistency and health checks, time series for (e.g.) risk score. | — | |
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| Audit | Reproduce any past result. Examine changes between two points in time. | — | |
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| Administration | Content and appearance of output, permissions and security. | — | |
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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 area | Typical spreadsheet | Your risk register | Our RECAL software |
|---|---|---|---|
| Produces basic information: e.g. tables and heatmaps – a low hurdle! | |
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| Supports better judgements: removes the mystery of probability and impact | — | |
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| Integrates with your other models: e.g. cashflow / value models | — | |
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| Brings real world insights: e.g. the key contributors to risk at the 1-in-10 level | — | |
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| Provides a dynamic view: e.g. switch between "1-in-10" and "1-in-200" level | — | |
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| Improves on standard methods: e.g. avoid the traps of standard risk analysis | — | |
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| Calculates total risk: making appropriate allowance for dependencies | — | |
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Plus, of course, all those feature which make the risk register "savvy".
| Functional comparison area | Typical spreadsheet | Your risk register | Our RECAL software |
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| Enables sharing with colleagues: e.g. with senior management, risk team | |
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| Provides appropriate security: restricts who can view / update risks | — | |
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| Facilitates external insights: e.g. non-competitive sharing between companies | — | |
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| Makes sorting, filtering and updating easy: like Excel, but easier | |
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| Enhances data storage: via a single central database, not multiple spreadsheets | — | |
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| Highlights inconsistencies: e.g. net of control risks exceed gross risks | Perhaps | |
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| Goes beyond checks and balances: savvy tools e.g. risk-control matrices | — | |
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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:
- Even large registers often omit key risks. "I looked for the top 7 risks and 3 were missing." Source: Risk registers that work at Board level – government chief actuary, 2013
- Risk descriptions are often poor: "Omitting cause and measures." Source: Causal links within and between risk register items Leitch, 2008
- Inconsistent and incomplete risk assessments: Risk-registers: promise, pitfalls, payoffs and alternatives Howe 2014, plus "Board level" speech above
Perhaps as a result, experts have colourfully but seriously suggest that risk registers are:
- "... sometimes worse than useless" : Hubbard in chapter 7 of The Failure of Risk management, speaking of scoring systems commonly used in risk registers
- "the real worm at the heart of risk management" : Andy Garlick in Risk registers, bloody risk registers
More
- Less risk, more management.
- Risk management entertainment system.
- A control framework, using risk-control matrices.
- Intelligent controls.