Create new risk form

  • Release version: Australia
  • Updated March 12, 2026
  • 1 minute to read

    • Use the create new risk form to capture all the information that you need to associate a control with a third party or engagement using the Third-party Risk Management application. As a third-party risk admin, you can create a control.

    Table 1. Risk form
    Field Description
    Number Unique identification number. This field automatically populated.
    Inherit from risk statement Option to create a risk independent of risk statement.
    Active Option to indicate if the risk is active.
    Name Name for the risk. Field is auto-populated if the risk is generated from a risk statement, but can be changed without affecting the relationship between the risk and risk statement.
    Description Description of the risk and how it is a threat to the organization.
    Risk Statement Risk statement this risk is associated with.
    Category Category of risk which applies to the profile.
    • Legal
    • Financial
    • Operational
    • Reputational
    • Legal/Regulatory
    • Credit
    • Market
    • IT
    If the risk is generated from a risk statement, the field is automatically populated/
    Entity Entity related to the risk.
    Note:
    Only active entities are shown.
    Sync with entity owner Option to assign the entity owner as the owner of this risk record. When selected, if the entity owner changes, the risk owner is updated automatically. This option is set to True by default.
    Owning group Owning group for the risk.
    Risk relevance Explanation of how this risk applies to you.
    Note:
    This field only appears when the Inherit from risk statement option is selected.
    Owner Owner for the risk.
    Note:
    The owner is always added as a respondent.