Q-RADAR Risk Management System

 

Source : http://www.rootsconsult.com

Q-Radar System Training on 28/9/2012 at Proton Parts Centre Sdn Bhd

Today i'm going to learn about Q-RADAR Risk Management System which the objective of this programme are the participants will be able to ;-

. Understand the background of Q-Radar risk management system

. Gain knowledge on how to register, update and sign off risk via Q-Radar

. Educate awareness on responsibility to highlight and register risk timely.

This system is actually web base system and is very user friendly whereby all of us don’t have so many problems in using it. All of Department Head (HOD) to be given risk registration template and one of the criteria is Risk Owner.

As part of good corporate governance and assurance mechanism, the head of sectors, subsidiaries and divisions are required to digitally sign-off the risk reports and updates via the risk management system (Q-Radar).

Whilst accountability should not be delegated, responsibility to implement action plans may be entrusted to line managers. In such a case, line managers are also required to digitally sign off risk reports via the risk management system. This process is to be carried out in conjunction with the quarterly risk management committee meetings.

The risk rating matrix that we should enter into the systems are impact and likelihood of occurrence of the risk whereby the impact to be classified into Major, Moderate & Minor. The likelihood of occurrence to be classified as unlikely.

We are also required to key in into the system how to control the risk and the control effectiveness are divided into good, satisfactory and unsatisfactory. Same goes to risk treatment which consist of several treatment strategies which are take, treat, transfer, terminate, retain & spread.

The risk categories are divided into 1) Market, Business & Strategy 2) Business Disruption 3) Quality & Reputation 4) Financial 5) Organization 6) Regulatory & Compliance 7) Information 8) Product 9) Fraud / Integrity