HR Risk Management provides the organization with a very powerful and comprehensive Risk Management application which fully leverages the seamless integration with other Interact HRMS modules, and relies on Self Service, Workflow and Alerts to make sure any reported Risk is properly assessed, tracked, and mitigated.

The Risk Management framework consists of classification capabilities to classify Risk as Operational, Financial or Legal.  You can define mitigation strategies, including strategies to Avoid, Reduce, Retain or Transfer an identified Risk.  Default Alerts can be setup to notify the Risk Manager, HR Dept, Employee Supervisor, Employee Manager, Risk Officers, Organization Unit Head etc.  The frequency of Risk Assessment, Risk Mitigation Action Planning and Risk Mitigation Action Planning Reviews can be defined and involved parties can be automatically notified.

The assessment can be done tracking Risk Occurrence Probability, Risk Consequence with its own Risk Indicators, Risk Business Impact with its own Business Risk Indicators.

Using Self Service and Workflow, Employees can identify Risks in the organization and once these are reported they will be reviewed by Risk Committee members who can find all relevant information regarding these risks on their Interact HRMS Portal.  Using the Risk Assessment capabilities, a Composite Risk Index will be determined based on assessed Consequence and Probability and an Extended Composite Risk Index will be calculated which will take into account the Business Impact Level after which a Recovery Timeframe will be determined and ultimately a Risk Mitigation Strategy Plan.

This Risk Mitigation Strategy Plan can be reviewed periodically to ensure that it is up to date and relevant for the specific Risk it is supposed to address.  Using powerful plotting tools, the application can provide the relevant users with a graphic display of assessed risks showing clearly and immediately those risks which require the most urgent attention.