Flagging Risks on Third-Parties

You can add, edit, and delete risks for a third-party record on the the Third-Parties Details screen. Once a risk is added to the record, it will move to the Manage Risk stage of the workflow.

To flag a risk

  1. On the Third-Party Due Diligence menu, select Third-Parties.
    The Third-Parties screen appears.
  2. On the Third-Parties screen, click the name of the record in which you want to flag a risk.
    The Third-Parties Details screen appears.
  3. Click the Context Menu icon.
  4. On the Context menu, select Flag Risk.
    The Flag Risk modal appears.
  5. Choose Select a Risk From the Library or Create a New Risk.
  6. Complete the fields.
    For more information, see Flag Risk Modal Reference.
  7. Click the Add button.

Flag Risk Modal Reference



Field
Description
Select a Risk

The risk selected from the Risk Library. This field is only appears if you choose Select Risk From the Library.

Name

The name of the risk selected from the Risk Library. This field is only appears if you choose Select Risk From the Library.

Inherent Risk Level

Select the level of risk.

Category

Select what category the risk falls under.

Risk Owners

Select risk owner(s).

Risk Approver

Select the name(s) of the approver(s) responsible for approving the risk.

Deadline

Identify the date of your risk deadline.

Reminder

Enter the number of days before the deadline that you want a reminder sent.

Description

Enter a Description of the risk and why it is associated with the flagged level.

Treatment Plan

Enter a treatment plan for mitigating the risk.

To delete risks

  1. On the Third-Parties screen, click the name of the record in which you want to delete a risk.
    The Third-Party Details screen appears.
  2. Go to the Risks tab.
  3. Scroll right and hover over the row for the risk you want to delete until the Context Menu icon appears.
    Note:

    You can delete risks in bulk by selecting multiple risks and clicking the Delete icon.

  4. Click the Context Menu icon.
  5. On the Context menu, select Delete.
    The Delete Risk modal appears.
  6. Click the Delete button.