> For the complete documentation index, see [llms.txt](https://interfacing.gitbook.io/interfacing-help-files/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://interfacing.gitbook.io/interfacing-help-files/risk-analysts/risk-application/creating-and-managing-risk-assessments.md).
# Creating & Managing Risk Assessments
Perform tasks assigned to your role to advance assessments through the Risk Management workflow.
## Workflow Overview
The **Risk** application operates through a single, standardized workflow: the **Risk Management** workflow. This workflow governs the full lifecycle of a risk assessment, from creation through execution, review, and treatment.
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## Interactive Tour
Explore the **Risk Management** workflow and learn how each stage works.
{% @howdygo/embed url="" %}
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## Workflow Initiation
A risk assessment can be initiated through either of the following triggers.
{% tabs %}
{% tab title="Triggered by Schedule" %}
A risk assessment may be initiated based on a predefined schedule using the [**Schedule Risk Assessment**](/interfacing-help-files/risk-analysts/risk-application/creating-and-managing-risk-assessments/schedule-risk-assessment.md) form.
This trigger is used for structured, forward-looking risk planning where assessments are defined in advance for a specific period, scope, or process.
On the defined **Start of Assessment Period**, the system automatically initiates the risk assessment and assigns it to the designated lead risk assessor for execution.
{% endtab %}
{% tab title="Triggered Ad Hoc" %}
A risk assessment may be initiated immediately using the **Start Risk Assessment Immediately** form.
This trigger is used for unplanned or urgent risk evaluation needs that require immediate assessment initiation outside the regular schedule.
Upon submission, the risk assessment is immediately created and routed into the execution stage, allowing the lead assessor to begin work without delay. Users may optionally enable immediate risk identification and evaluation at initiation.
{% endtab %}
{% endtabs %}
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## Workflow Stages
The workflow is organized into **eight key stages**, each with specific roles and responsibilities.
{% hint style="success" %}
For detailed instructions on any stage, click the corresponding button.
{% endhint %}
{% stepper %}
{% step %}
### Define Risk Assessment
> **Performed By:** Assessment Creator (e.g., Risk Manager, Project Manager, Compliance Manager)
#### :calendar-range: Scheduled Risk Assessment
Use the **Schedule Risk Assessment** form to define and schedule a risk assessment in advance as part of structured risk planning.
**Responsibilities:**
* Identify the need for a planned risk assessment within the organizational risk framework.
* Define and prepare the risk assessment, including its scope, parameters, and supporting resources.
* Submit the risk assessment to initiate the workflow at the scheduled start date.
#### :rocket-launch: Ad Hoc Risk Assessment
Use the **Start Risk Assessment Immediately** form to initiate a risk assessment without delay.
**Responsibilities:**
* Identify the need for an immediate risk assessment based on operational or emerging risks.
* Define and prepare the risk assessment, including its scope, parameters, and supporting resources.
* Optionally initiate immediate risk identification and evaluation.
* Submit the risk assessment to immediately start the workflow.
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{% endstep %}
{% step %}
### Review Risk Assessment
> **Performed By:** Assigned Assessment Reviewer (e.g., Risk Manager, Compliance Officer, Internal Auditor)
**Responsibilities:**
* Evaluate the completed risk assessment for completeness and accuracy.
* Provide feedback or request revisions where necessary.
* Approve the assessment for closure or return it to the lead assessor for modification.
{% hint style="warning" %}
This stage is triggered only if the assessment is returned for modification after review.
{% endhint %}
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{% endstep %}
{% step %}
### Execute Action(s)
> **Performed By:** Assigned Action Owners
This stage includes the **Execute Action(s)** subprocess, which manages all actions required to implement risk treatment activities and mitigation measures. It integrates with the [Action Item Management](/interfacing-help-files/quality-managers/action-item-application/creating-and-managing-action-items.md) workflow.
**Responsibilities:**
* Accept or decline assigned action(s).
* Execute assigned items according to instructions.
* Document progress and provide evidence of completion.
* Report any issues or deviations from the plan.
* Submit completed work for approval.
{% hint style="warning" %}
This stage is triggered only if specific actions were defined during the workflow.
{% endhint %}
***
{% endstep %}
{% endstepper %}
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---
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