The TRM Advantage process follows accepted risk management practices for qualitative risk management and is highly intuitive and very easy to use:
- Risks are classified as either open, closed, or monitor. Active risks are open, risks that have been resolved or accepted are closed, and risks that are not being worked on but are not closed are classified as monitor.
- The App opens to the risk register page – filter to see the class of risks you are interested in (default is to show only open risks).
- Click on ‘New Risk’ to enter a new risk – brings up a simple risk entry page and the new risk is added to the bottom of the register.
- Each row in the register is a risk – to view or update a risk, click the buttons in the row.
- For new risks, start by clarifying the risk statement (if needed)
- Assess the risk for likelihood using the descriptive 5-level likelihood table to calibrate likelihood selection (table can be modified if needed). Click the selected likelihood level.
- Assess the risk for consequence in the categories of Environment, Health, and Safety (EHS) using the descriptive 5-level consequence table for each category (most risks impact more than one category and all categories should be assessed for each risk). Click the appropriate consequence level for each category.
- The App will combine the likelihood and consequences to identify the risk level for each category, what the organization has defined as required actions, and the management level that is required to accept it as-is.
- Once the risk has been assessed, you can decide if the risk requires some action and plan the actions.
- Each step in the action plan is entered and tracked.
- When a step is complete, it is signed off and the risk level can be updated
- When the risk level falls within acceptable levels for the organization, it is either closed or monitored.
- Reports that show active risks by team are generated. These reports are circulated to the senior leadership team and form the basis of meetings and presentations.