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How to: Risk Assessment
How to: Risk Assessment
Dimitar Pasev avatar
Written by Dimitar Pasev
Updated over a week ago

What are Updates?

Updates are a way for counsel to track, manage and report on the deals, disputes, projects and other matters that they are supporting. Updates also allow Managers to have insight into the workload of

their teams, to help understand capacity and to anticipate potential escalations.

Most importantly, Updates are built on the concept of a “limited community whiteboard” – if you are listed as a team member or a Manager on an update you will be able to edit that Update and each other member and Manager will see those edits. This is useful to prevent duplications and for situations where a team member is unavailable or on leave. Only those people listed on the Update will be able to see or access the Update. Third parties (outside of your legal Department) cannot view the information.

For more information on Updates (including how to access and complete an Update), please see How To Guide: LaunchPad – Updates.

What is the Risk Assessment?

The online Risk Assessment forms a part of a Deal Update and provides an ability to track and manage the overall risk of a Deal by pre-defined risk category or Issue Type (e.g. liability, scope, term & termination etc.). The Risk Assessment allows users to not only provide an update on the risk profile of a Deal but

also review specific Guidance and Examples.

For each Issue Type, a user is required to:

• provide an overview of the issue and mitigation

• identify the inherent risk rating (RAG status)

• identify the risk rating (RAG status) after adoption of mitigations

How do I complete a Risk Assessment?

Step 1:

Select an Issue Type from the pre-configured dropdown list:

Step 2:

Select the appropriate Inherent Risk and Mitigated Risk RAG Status (for more information see Tip 1

Step 3:

Enter a description of the Issue and Mitigation relevant to the Issue Type:

Step 4:

Repeat Step #1 to Step #3 for each relevant pre-configured Issue Type by clicking

You can see which Issue Types have been created at the top of the Risk Assessment. Issue Types display in blue once they have been created. Clicking a blue Issue Type will remove the Issue Type from view.

Can I view and apply my Company’s example positions?

Yes, you can view and apply your Company’s example (or template) positions to any Issue Type (i.e. the template response for the particular Issue and Mitigation). In order to apply example positions to an Issue Type, firstly, select the side tab for the Issue Type and click on the heading Example.

To then automatically apply the example position, click Apply Standart. Please note: clicking Apply Standard will replace the Issue and Mitigation fields for the relevant Issue Type with your Company example.

You can also apply all of your Company standard examples across all Issue Types by clicking Apply Examples and, in the modal which displays, clicking Examples and then Apply Examples.

This will reduce the amount of effort required to complete all Issue and Mitigation fields.

Please note: clicking Apply Examples will replace existing completed Issue and Mitigation fields with your Company’s example positions for all Issue Types.

Can I create my own example (or favourite) positions?

Yes, in addition to applying your Company’s standard examples, you an create your own ‘favourite’ examples which can be used to populate the Issue and Mitigation fields for each Issue Type. To create your own favourite Issue and Mitigation examples for an Issue Type, select the side tab for the Issue Type and click on the heading Favourite. You can then fill in the Issue and Mitigation field with your own personal favourite example and

click Save. You will then be able to quickly populate the Issue and Mitigation field for all future Risk Assessments with the example you have created by clicking Apply Favourite.

Where can I find guidance on a particular Issue Type?

In addition to pre-filling Issue and Mitigation fields, you can also view your Company’s guidance (including any relevant attachments) for each Issue Type by selecting the side tab for the Issue Type and clicking on the Guidance heading.

Can I delete an entry in the Risk Assessment?

Yes, you can delete any Issue Type completed in the Risk Assessment by clicking on the X next to the entry. The entry will not be deleted until you save the Update. You can reverse the deletion at any time before you save the Update by clicking circular arrow icon.

How do I export my Risk Assessment to another format?

Once you have completed a Risk Assessment, you can either Share the Risk Assessment by email or display it in Report view. To ensure your latest amendments are reflected in the Share or Report view, you will need to first save any changes you have made to the Update and navigate back to the Update’s edit state.

To access the two export views, click the icon and select the desired view. Both options will present the relevant Deal Update, together with the Risk Assessment.

From either view, can then ‘snip’ or copy the image and add the image to add to any other document.

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