Risk profiles can be created for a supplier, relationship, or engagement and are helpful in determining “overall” risk when multiple risk programs are in use.
A Risk Profile Definition also allows for setting a “mitigating” component in order to reduce or increase the overall risk rating for a section depending on a previously defined mitigating definition.
The process to create a Risk Profile Definition is:
- Navigate to the Admin tab > Risk Profile Definition.
- Click New.
- Complete the required fields, as well as any optional fields you would like.
- Click plus icon to add a risk category section or row within the risk category
- Click x icon to delete a risk category section or row within the risk category
- Click up arrow icon to move the entire risk category section up
- Click down arrow icon to move the entire risk category section down.
- Order #: Enter the order number (the order the risk profile definition runs)
- Program Range: Select the program range
- Weight: Enter the weight of each entry
- Score X-Ref: Select the score cross-reference
- Control Program(s): Select the compliance program name (multiple programs can be selected)
Click Save, and then click Activate.