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Updated on 04 Apr 2024
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What is a Risk?

Managing risks is a crucial aspect of any project, business, or decision-making process. By identifying, assessing, and mitigating risks, individuals and organizations can minimize potential negative impacts and increase the likelihood of success. Here's an example of a use case for managing risks:

Let's explore the following use case.

User Persona: Administrator

Solution

NovaTech pharmaceutical manufacturing company wants to identify and assess risks such as equipment malfunction, supply chain disruptions, and non-compliance with industry regulations.

Risk Management plays a crucial role in ensuring product quality and regulatory compliance. This includes conducting regular equipment maintenance, establishing alternative suppliers, implementing rigorous quality control measures, and regularly auditing processes to ensure adherence to regulatory requirements. By effectively managing risks, the company minimizes the potential for product defects, costly recalls, and regulatory penalties, thus safeguarding its reputation and maintaining customer trust.

Configure Risk

To Configure a Priority Matrix, perform the following steps:

1. Navigate to Design Studio > Select Module > Configuration > Change Matrices > Risk. The Risk Listing page is displayed.

Figure: Risk List Page

2. Click New. The PIR Reviewer ID page is displayed.

Figure: Priority Matrix Configuration page.

3. Enter the required details as described in the following table and click Save.

Field	Description
Tenant*	Select the Tenant from the list. This is a mandatory field.
Change Type	Select the Change Type for which you want to configure the PIR Reviewer.
Category	Select the Category from the drop-down list.
Workgroup	Select the workgroup from the drop-down list. Available options are based on the Workgroup configuration done at Admin level.
Change Category	Select the change category from the drop-down list. Available options are based on the Change Category configuration done at Change module level.
PIR Reviewer	Type in the name of the person you want to configure as PIR Reviewer for the selected Tenant.
Default	Select the check box to display the PIR Reviewer ID for the selected Tenant, by default.
Active	Select the check box to make the PIR Reviewer ID available on the other pages of the application.

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Manage Risk

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