Charting and sorting features have been improved, and you have access to all of Excel's options for manipulating and displaying data. Users have commented that they like what we have done with this tool. You use the Risk Entries worksheet to enter, assess, and track risks, and you use the Action Plan worksheet to define, assess, and link risk mitigation strategies or action plans. The basic mode handles the initial risk assessment. In it, you can only use the Risk Entries worksheet.
Advanced mode is for the management of the top risks identified in the assessment.
In advanced mode, you can use both worksheets. In basic mode, the system ranks risks according to data that has been defined and entered into the Risk Entries worksheet. Once the team has identified the risk statements, they can assign attributes to the risks. The attributes of impact and probability of occurrence are required fields for each risk entered into the tool. The team should provide estimates of 'relevant timeframe' as well.