Risk Settings – Risk Aggregation

This settings page enables the creation of child risks from active risks, establishing a link between them. The parent risk shows an aggregated risk rating based on its linked child risks. For seamless data transfer, maintain consistent configurations between the risks. Log out and log back in to apply setting changes.

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Figure 1.1

To activate the Risk Aggregation tab, simply toggle the switch next to 'Enable Risk Aggregation' and choose the desired Risk Aggregation Type from the dropdown menu.

Risk aggregation involves three key states, each defining the relationship between risks:

• Parent Risk: This occurs when you copy risk information to another risk.
  To create a Parent risk:

  • STEP 1: Go to Camms.Risk > Main Menu > Risk Register and Click on the existing link you want to make as a parent Risk.

  • STEP 2: Go to Links > Add New and Select a new linkage type and Risk type.

  • STEP 3: Tick the link as a child and click the Save button to save details.

  • STEP 4: Click on the newly created child link and Go to Links tab.

  • STEP 5: The link you chose earlier is now the parent of the new link you created.

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Figure 1.2

• Child Risk: This refers to a risk that has been duplicated from a parent.
  To create a Child risk:

  • STEP 1: Go to Risk> Links> Add New.

  • STEP 2: To define a new Linkage, click Add New, Select a Linkage and Risk Type.

  • STEP 3: Tick the Link and the Link as Child checkbox.

  • STEP 4: Click the Save button to save details.

• Independent Risk: A risk not copied yet, but open to replication.
  To create an Independent risk:

  • STEP 1: Go to Risk > Links > Add New.

  • STEP 2: To define a new Linkage, click Add New, Select a Linkage and Risk Type.

  • STEP 3: Tick the Link checkbox.

  • STEP 4: Click the Save button to save details.

“Select Risk Aggregation Type” Dropdown facilitates the selection of the method for aggregating risk ratings.

• Average of all linked risk ratings: Calculates the average risk rating by dividing the sum of all child risk ratings by the total number of child risks. If 'Include Parent Risk in Aggregation Rating' is selected, the parent risk is included in the average calculation.

• Highest rating amongst all linked risks: Selects the highest risk rating among all linked child risks.

• Count Based, most common rating amongst all linked risks: Calculates the number of risks for each risk rating type and displays the risk rating with the highest count.

Enabling 'Include Parent Risk in Aggregation Rating' allows users to create child risks connected to any active risk. The parent risk will then display an aggregated risk rating based on the ratings of its linked child risks.