---
sourceDocument: Xanadu Governance, Risk, and Compliance
sourceDocumentLink: https://www.servicenow.com/docs/r/xanadu/governance-risk-compliance

 Release :

    - xanadu

ft:locale :

    - en-US

ft:publication_title :

    - Xanadu Governance, Risk, and Compliance

ft:clusterId :

    - grc

bundleId :

    - grc

workflow :

    - Technology


---

# Create a risk event entry

# Create a risk event entry {#ariaid-title1}

* Release version: Xanadu
* 
* Updated August 1, 2024
* 
* ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 2 minutes to read

Create a risk event entry to determine the monetary or non-monetary impact of the
risk event. A risk event can have multiple risk event entries.

## Before you begin

Role required: sn_risk.manager

## About this task

Risk event entries capture the direct and indirect losses reported due to the risk
event.

## Procedure

1. Navigate to AllRisk EventsAll Events and select the event to be analyzed.
2. Click the Risk Event Entries related list.
3. Click New.
4. On the form, fill in the fields.  
   {#create-new-event-impact__table_cjy_rj3_f3b__entry__2}

   | Field | Description |
   |-|-|
   | Number | Number for the event entry. This field value is automatically set. |
   | Risk event | Title of the risk event. This field value is automatically set. |
   | Date of impact | Date that the impact was recorded. Note: The date of discovery and the date of first recognition can be different. This date cannot be a future date. |
   | Amount | Amount that the impact costs. The amount entered is reflected in the Summary related list. |
   | Rapid recovery | Loss amount for this entry if it's recovered in a short time, which is generally five working days. |
   | Impact type | Type of financial impact for the event. Select from the following types: * Direct/Indirect Impact: Direct or indirect financial impact of the event on the entity. * Recovery: Amount recovered from the total financial impact. * Additional Cost: The additional cost incurred due to the impact. * Non-Financial Impact: The event has no financial impact. {#create-new-event-impact__ul_ktq_xbj_f3b} |
   | Category | Direct or Indirect. For example, if the impact is direct, is it external? |
   | Sub category | Sub category of the event impact. Select one of the following categories: * External Cost: The cost that's incurred for external agencies. For example, if a loss is incurred due to erroneous accounting and an external auditor was hired to assess the event, the cost incurred in employing the auditor is an external cost. * General Ledger: The book of accounts in which this event is entered. * Booked Provision: Refers to the amount that you set aside in your accounts to cover a future event. For example, if a firm sets aside an amount to cover a risk event that might occur in the future. * Revenue Reversal/Timing Losses: When you reverse revenue, a reverse entry is created that backs out the original entry. Don't enter any new accounting information into the system. {#create-new-event-impact__ul_hsh_ncj_f3b} |
   | GL account reference | Account number in which this entry is captured in the ERP system. |
   | Short description | Brief description of the impact. |
   [Table 1. Event Entry form]

   {#create-new-event-impact__table_cjy_rj3_f3b}
5. Click Submit.
{#create-new-event-impact__steps_ch1_w2j_f3b}

## What to do next

Create or edit a new risk
:   Creating or editing a new risk for an event is useful for future prediction
    of risks. The information obtained from the risks is useful for scoring and
    reporting. For more information, see [Create a
    risk manually](https://www.servicenow.com/docs/IPXu2uPQ41SyNhRcMVMAgw "Risk administrators can create risk records when they see a potential for a gain or loss of value.").

Link new control to risks
:   A control is used to prevent a risk from occurring. Linking the controls to risks lets users know which controls failed and why the risk event occurred. This information can be used for future predictions and reporting.  
    Note:  
    Only those risks and controls that are tagged to the impacted entity can be related to this risk event.
    For more information, see [Create a control](https://www.servicenow.com/docs/y1DWnDBJ03KqyZYJU18_xw "Controls are automatically generated when you associate a policy with an entity type or an entity type with a control objective. A control is created for each entity listed in the entity type for the control objective. Controls can also be manually created.").

*[\>]: and then