/
Risk Master Register
Document toolboxDocument toolbox

Risk Master Register

Owned by Former user (Deleted)
Last updated: Jan 23, 2023
5 min read



MASTER RISKS

The Master Register lists all risks faced by the organisation. Categories can be used to classify risks for easier management. 

It is recommended that each risk has: 

  • An uncontrolled risk score

  • Either a maximum controlled risk score or no controlled risk score

Once the risk is used within a project, it is the responsibility of the project manager is to review each risk and complete the controlled risk score. Leaving it at the maximum or blank forces the project manager to complete this task. 

 

Risk Template

It is recommended risk templates are created prior to generating master risks. This then allows master risks to be allocated to the relevant template as they are created. Refer to the Risk Templates page within this user guide for more details.

Master Risks Menu

Video: Master Risks Menu Overview

The Master Risks menu provides a registry of the master risks that have been set up within Lucidity Risk.

In the Master Risk page, administrators can:

  • Add, edit and view master risks

  • copy or delete master risks

  • Export lists of master risks to Excel in list format

Add a Master Risk

Video: Add Individual Risks to the Project Risk Register (Adding a master risk is very similar to this task)

 

Retaining System Integrity

Only the system administrator has the permission to add, edit and delete master risks. This should be managed very carefully to retain the integrity of the system and to avoid duplicate master risks. It is a worthwhile exercise to create a standard set of guidelines that all new master risks entered must follow.

Adding a master risk is very similar to adding a risk to a project risk register. To add a new master risk, from the Master Risks page:

  1. Click 'Add New'

     

  2. Complete the fields (Refer to 'Definitions of Fields' in the Add Individual Risks to the Project Risk Register section above)
                     The details captured for each risk may vary slightly between each system configuration. Fields marked with * are mandatory.

  3. Click 'Save' to add the risk to the master risks list

 

Copying Master Risks

If a new master risk is similar to an existing one, the existing master risk can be copied from the Master Risks page by clicking the 'Copy' button from the actions button. Make any necessary changes and save the new master risk.

Edit a Master Risk

Video: Edit Individual Risks in the Project Risk Register (Editing a master risk is very similar to this task)

Editing a master risk is very similar to editing a risk on the project risk register. To edit master risks, from the Master Risk Page:

  1. Click 'Show Filters'

  2. Use Filters as required to locate the relevant risk

  3. Click 'Filter'

  4. Locate the specific risk at the bottom of the screen (Hint: hiding filters can make viewing the results easier)

  5. Click 'Edit' to the far right of the relevant risk

     

  6. Adjust as required

  7. Click 'Save' to keep the changes

Risk Audit History

Video: Risk Audit History in the Project Risk Register (Risk audit history in master risks is very similar to this task)

Viewing the audit history from the Master Risk page is very similar to viewing the audit log from the project register page.

To view the individual risk audit history, from the Master Risk page:

  1. Click 'Show Filters'

  2. Use Filters as required to locate the relevant risk

  3. Click 'Filter'

  4. Locate the specific risk at the bottom of the screen (Hint: hiding filters can make viewing the results easier)

  5. Click 'History' to the far right of the relevant risk

     

  6. Use filters and run Excel reports as required

  7. Click ‘View’ to the far right of each audit event to view full details

Note: The audit history can also be viewed within the edit screen of a master risk by clicking ‘see history’

Delete a Master Risk

Video: Delete Individual Risks from the Project Risk Register (Deleting a master risk is very similar to this task)

 

Templates and Existing Project Registers

Deleting a master risk will delete the risk from current templates. It will not, however, be deleted from any existing project risk registers. If the master risk needs to be deleted from project risk registers, this will need to be done via the Risk Registers page.

To delete master risks, from the Master Risks Page:

  1. Click 'Show Filters'

  2. Use filters as required to locate the relevant risk

  3. Click 'Filter'

  4. Locate the specific risk at the bottom of the screen (Hint: hiding filters can make viewing the results easier)

  5. Click 'Actions' to the far right of the relevant risk

     

  6. Click 'Delete'

  7. In the pop-up that appears, click 'Delete' to completely delete the risk from the master risk register

 

Reporting from the Master Risks Page

Video: Reporting from the Master Risks Page

To generate a report for a specific group of master risks, from the Master Risks page:

  1. Click 'Show Filters'

  2. Select the relevant filters

  3. Click 'Filter'

  4. All results will be displayed at the bottom of the screen

  5. Click 'Excel Export' to generate this report into Excel

 

 

Related content