Risk Management in Kovair ALM

The features of Kovair Risk Management are:
• Risk Management Attributes- In Kovair, both Project and Risk are considered as separate entities, but are linked by means of a ‘relation.' Project entity has its own set of attributes (i.e., fields) to capture detailed information of each Project in the application. Risk entity, on the other hand, has the attributes which are different from that of Project, and very specific to Risk related information.
• The attributes for managing risks are: Probability Percentage, Condition, Corrective Action, Impact, Preventive Action, Priority, Severity, Risk Area, Risk Type, Risk Tracking, Current Financial Impact, Current Probability Percentage, Current Risk Status, Current Severity, Latest Tracking Date, Linked Issues, and Project.
• Risk Management Process- Kovair's in-built process for managing the potential risks of a project comprises seven sequential activities of risk management, and involves three roles-Chief Risk Officer, Risk Officer, and Tester.
• Risk Management Process Automation- The in-built visual designer designs processes with the help of ‘Nodes', and ‘Links'. The nodes define different stages within the process, and aid in implementing the flow of the process in the application. The ‘Links' (can be conditional), decide the direction of the workflow in the process.

Viewing Existing Risks with Kovair's Risk Management Software

• Normal & Group by View- To view existing risk items, select Risks from the object bar. The list page loads with the data, based on the last accessed View and Filter from the top of the list page. Additionally in conjunction with the View and Filter, the data can be filtered based on Text Search and ID Search facilities. Functionalities are also available for creating private Views and Filters from the list itself.
• Tool-tip View- For a selected View, you can include certain fields as Tool-tip fields which you do not want to show in the Display list but as additional information in a tool-tip of every record that is displayed in the view. The tool-tip pops up as a floating window displaying the fields' information when the user moves the cursor over the yellow colored balloon icon on the left of the record.
• Traceability View- Traceability relationships allow you to track linked items of different entities. For example, issues can be lodged from and within the risk management process. This implies the existence of relational dependencies among the entities – Risk and Issue. Using the Traceability View a user can get to see the entire chain of linked entity items. The advantages of such a Traceability View are as follows:
  • Consolidated Visibility: Linked items are displayed in a hierarchical tree structure – grouped by entity
  • Complete Traceability: Chain of linked items for backward and forward traceability
  • Wider Coverage: Hierarchical tree structure is available maximum up to five levels
  • Optimum Effort: Easy to track related items, and analyze the impacts on dependent items.

Multi-Edit Operations- Some of the real-time Issue scenarios for multi-edit operations are:
• Updating Priority and Severity of multiple Risks at a time
• Start/Pause/Resume/Stop processes of multiple Risks at a time
• Start/Pause/Resume/Stop processes of multiple Risks at a time
• Cloning multiple Risks at a time

• Risk Details
  • Risk items are displayed in the list based on the combination of View and Filter selections.
  • The definition of a View determines what fields are to be displayed in the list as columns.
  • Both system-predefined and custom forms provide detailed information on Risk items.
• Mitigation Plan - The mitigation plan consists of preventive and corrective actions.
• Risk Tracking
  • It is a grid-type field.
  • A task is generated for the Risk Officer to record the details – Tracked on Probability Percentage, Severity, Financial Impact, Status, and Exposure
  • There can be multiple entries by different Risk Officers, as per their individual way of monitoring and tracking a risk.
• Description
  • Kovair's risk management tools provide a browser-based full word processor for creating formatted text including embedded images.
  • The word processor is MS Word-compatible, so you can open any Word document in the editor or simply do a copy and paste to preserve all formatting. A built-in spell checker allows you to check spelling using a standard or your own custom dictionaries.
• Versions
  • Kovair's risk management tools allow (optionally) the creation of a new version of Risk whenever you modify those fields of the risk item that you have selected to track versions during the field definition. This creates a complete change in history of a Risk as it evolves.
  • Instead of versioning of a single document with a large number of risks, Kovair application's granularity of versioning reaches every individual risk
  • In Kovair, the versioning includes multi-threaded discussions in the context of that particular version to record the complete history of changes and in the context of the changes.
• Version Diagram
  • Kovair application provides a visual representation of the different branching and versioning that a risk item has gone through.
  • From the version diagram itself, you can do a number of operations such as comparing with the previous version or with any other versions, merging one version with another and creating branches from an existing version.
• Network Diagram of Relation
  • A network diagram provides a visual representation of the complete Traceability Relationships of one risk item with all other entity items.
  • Using the drag-and-drop functionality from the diagram itself, you can create new Traceability relationships as well as delete any existing relationships.
  
• Impacts- Impact Analysis is the process of understanding the complete effect of a particular change. By paying attention to incomplete risks early in the process, enterprises can make the inevitable changes less costly in terms of quality, time to market, and reworking.
• Process Diagram
  The Process Diagram gives a 360-degree view of the process paths that have been traversed from its initiation-activities completed, the Start Date of each activity and the Finish Date of each activity. Users can directly work on their tasks from the process diagram itself.

If you would like to know more about Kovair Risk Management, contact us at sales@kovair.com