You can create a Risk Assessment by selecting the "Add New Risk Assessment" button on the top-right of the Risks page. 

The Risk Assessment creation process involves 4 steps for initial creation, plus a verification step.

In this step you will select the Type and Category of the Risk Assessment, as well as the Location and Subject (Title).

The specified Owner of the Risk Assessment will be responsible for its content during creation, and duplicates of the Risk Assessment can be made later, if the option for "Master Copy" is selected at this stage.

Once these fields have been completed, you can select  "Save" and exit to return later, or "Save and Next" to proceed to the next step.

Here, you can first specify how you identified the Risks in the Assessment.

You can select which method through which you identified them, and upload files for evidence, such as meeting minutes, or audit results. This part is optional.

Next, you select the specific Risks identified for the Assessment using the Risk Universe.

Rapid Risk provides a structure called the Risk Universe which allows for the easy identification and selection of Risks through a 3-tiered categorisation system.

Once you have selected all the Risks for the Risk Assessment, you can select  ‘Save’ and exit to return later, or ‘Save and Next’ to proceed to the next step. 

In Step 3, each Risk selected from the previous step will be listed, and can be expanded and accessed separately by clicking on it.

Once expanded, you then select the Pre-Risk Rating – this consists of the Inherent Risk Rating (IRR) and Desired Risk Rating (DRR). You do this for each type of risk that applies, and select "Not Applicable" for the rest.               

If you have the "Risk Response" field active, this will set the conditions which must be met in the next step (Step 4), in order to be able to complete the Risk.

Once you have completed this for all the Risks in this Assessment, you can select  "Save" and exit to return later, or "Save and Next" to proceed to the next step.

In Step 4, each Risk will be listed, and can be expanded and accessed separately by clicking on it.

The Pre-Risk Rating  from Step 3 will be shown first for reference, followed by the fields to add Root Causes and Contributory Factors.

At least one Root Cause and Contributory Factor must be chosen for each Risk, and then at least one Control Measure must be created for each Contributory Factor.

These Control Measures can be a combination of existing Control Measures and new proposed Control Measures.

An Effectiveness must be selected ("Not Effective" to be selected for new proposed Control Measures not yet implemented), and Actions may be raised to either implement the new Control Measure, or improve an existing one.

Next, the Post-Risk Ratings must be specified for the Residual Risk Rating (RRR) and the Current Risk Rating (CRR).

Once these details have been entered, select "Save" on the bottom-right.

If all mandatory sections have been completed, and any conditions from the Risk Response are met, then the "Mark Complete" button will become available, allowing the individual Risk to be completed.

Once all Risks in a Risk Assessment have been completed, you can return to the "Risk" page dashboard, where the status of the Risk Assessment will now be Complete.