Celoxis Risk Management allows you to
- Capture your risks and assign an owner to each .
- Track your mitigation plans.
- Capture information on your risks such as the Impact and Likelihood (probability of occurrence).
- Create a Risk Matrix which will allow you to focus on the critical ones.
- Define a project Risk Register which reflects the inherent risk of the project.
- Provide visibility to the team so they can contribute in case they find any missing risks.
- Ensure uniform and consistent risk management - Define standard risks for different project categories (using project templates with relevant Risk Management sections). Your managers can then simply clone from those templates to ensure they have factored in the basic set of risks for that project category.
- Track risks according to their states – Hold (not occurred), Open (occurred), Closed (mitigated/passed on) are the default risk states. OR Alternately, you can define your own states on the Risks (call them Defined / Occurred / Mitigated).
You can define a Risk Management feature of your own or use the one provided by Celoxis.