Risk Event Response Template form

Use the Risk Event Response Template form to define assignment rules. Rules automatically assign owners, approvers, issues, and Root Cause Analysis (RCA) tasks to risk events based on entity, event type, category, and impact thresholds.

See the following table for a description of the field values.

Table 1. Risk Event Response Templates form

Field	Description
Number	Template number. This field is automatically set.
Entity	Entity that the template is created for. Note: When you select an entity in a Risk Event Response Template, the template applies to that entity and all its downstream entities unless a downstream entity has its own specific Risk Event Response Template. If a downstream entity does not have a separate template, the system applies the template from the nearest parent entity in the hierarchy.
Category	Category that the risk event applies to if there’s an occurrence. You can edit the category to apply one of the following options. Personal: For example, any physical harm caused to an employee. Legal: For example, an employee conducts a business that is a conflict of interest. Information Security: For example, a theft, burglary, or system crash. Human Resources: For example, sensitive lawsuits by an employee against another employee. All: Any risk event that is reported.
Approval rule based on	Rule used while assigning the event. Gross Loss Net Loss Expected Loss This field depends on the values in the Event type and Sub type fields. For example, If the event type is Financial, and the sub type is Actual, the approval rule is based on gross loss, net loss, or expected loss. If the event type is Financial, and the Sub type is Potential, the approval rule is expected loss, by default. If the Event type is Non-Financial Impact, the approval rule is Non-financial, by default.
Event type	Classification of the event based on the type of impact on the organization. This field determines whether the event has a financial or non‑financial consequence. The options are as follows: Financial Impact: Indicates that the event has an associated financial loss. Enter the amount. You can choose the currency. Non-Financial Impact: Indicates that while the event doesn’t have any financial loss, it does have a non-financial impact on the organization. For example, non-financial impact can be negative market news or a decline in employee morale.
Sub type	Classification of the event based on whether the impact has already occurred or may occur in the future. The options are as follows: Actual Potential
Auto close event once approved	Option to select if the event must be closed after approval. Selecting this option results in closing of the event after the issue and root cause are closed. If a risk event has open issues or tasks, the risk event isn’t closed even after approval.
Currency conversion date	Currency conversion dates for the risk event entries. You can select specific dates for currency conversion rather than relying solely on the date of impact to calculate the net loss. The options are as follows: Risk event entry date First loss entry date Last loss entry date First recovery entry date Last recovery entry date Custom date
Risk Event Owner Assignment
Assignment type	Specifies how the risk event owner is determined for the record. The selected assignment type controls whether the event is assigned to an individual user, a group, or derived dynamically from the selected entity. The options are as follows: User: Option to assign ownership directly to a specific user. Group: Option to assign ownership to a group. User field on entity: Option to assign ownership based on a predefined user field on the associated entity record. Entity stakeholder: Option to assign ownership to a stakeholder associated with the selected entity.
Owner	User assigned as the risk event owner. This field appears only when User is selected from Assignment type.
Owning group	Group responsible for the risk event. This field appears only when Group is selected from Assignment type.
Risk event owner field on entity	User field on the associated entity used to derive the risk event owner. For example, the owner of the entity can be the risk event owner. This field appears only when User field on entity is selected from Assignment type.
Persona	Stakeholder role associated with the entity. Specifies the stakeholder role, such as Head of Business or Risk Manager, that the system uses to determine ownership or responsibility when assignment is based on an entity stakeholder. This field appears only when Entity stakeholder is selected from Assignment type. Note: Based on the selected persona, the Owning group field is auto-populated.
Issue Creation and Assignment
Automatically create issue	Option to create issue automatically based on the configured threshold and assignment settings.
Threshold for issue creation	Option to specify the threshold amount after which an issue is created automatically. For example, users can specify that after an event crosses loss worth $1000, an issue must be created. Note: This field appears only when Automatically create issue is selected.
Assignment type	Options to determine the issue owner for the record. The selected assignment type controls whether the issue is assigned to an individual user, a group, or derived dynamically from the selected entity. The options are as follows: User: Option to assign ownership directly to a specific user. Group: Option to assign ownership to a group. User field on entity: Option to assign ownership based on a predefined user field on the associated entity record. Entity stakeholder: Option to assign ownership to a stakeholder associated with the selected entity. Note: This field appears only when Automatically create issue is selected.
Assigned to	User assigned as the issue owner. This field appears only when User is selected from Assignment type.
Assignment group	Group responsible for the issue. This field appears only when Group is selected from Assignment type.
Issue assignee field on entity	User field on the associated entity used to derive the issue owner. For example, the owner of the entity can be the issue owner. This field appears only when User field on entity is selected from Assignment type.
Persona	Stakeholder role associated with the entity. This field identifies the type of stakeholder (for example, Head of Business or Risk Manager) used to determine ownership or responsibility when assignment is based on an entity stakeholder. This field appears only when Entity stakeholder is selected from Assignment type.
Owning group	Based on the selected Persona, the Owning group field is auto-populated.
Root Cause Analysis Task
Automatically create RCA task	Option to create a task for root cause analysis (RCA). Automatically create a Root Cause Analysis (RCA) task based on the amount entered in the Threshold for task creation field.
Assigned to	Person that the RCA task is assigned to. Note: This field appears only when Automatically create RCA task is selected.
Threshold for task creation	Option to specify the threshold amount after which an RCA task is created automatically. For example, users can specify that after an event crosses loss worth $1000, an RCA task must be created. Note: This field appears only when Automatically create RCA task is selected.
Priority	Priority of the event. The options are as follows: Critical High Moderate Low Minor Note: This field appears only when Automatically create RCA task is selected.