Risk Module

Risk Walkthrough

Purpose: This document is intended to provide a high level overview and functionality of Risk within the Levelpath Platform through the perspective of an Organizational Administration role.

What is Risk?

Risk within Levelpath allows users to document, score, and communicate risks associated with a Supplier Record. The current risk types within Levelpath are: 

• Information Security
• Cybersecurity
• Data Privacy
• Compliance
• AI Governance
• Operational
• Business Continuity & Disaster Recovery
• Financial
• Ethical, ESG, & Reputational
• Other

Note: At this time ‘Risk Type’ fields are not configurable or customizable. 

Risk Module

Users can open the Risk module from the left-hand navigation bar by selecting the shield icon. Within this module, users will find three tabs at the top of the page: Risk Records, Scheduled Actions, and Questionnaire Templates. 

 

Risk Record

Within the Risk Records tab, users will see a configurable table including all risk records within their account. This data is displayed in a table format with key details, including:

• Supplier
• Commercial entity
• Name
• Risk type
• Risk score
• Supplier Segmentation 
• Risk Description
• Next scheduled action
• Due date
• Notification date
• Status
• All scheduled actions
• Risk owner
• Created date
• Updated
• Docs
• Linked project

Customizing the Table

• Reorder columns: Drag and drop column headers to arrange them in any order.
• Sort data: Use the arrow icons in each column header to organize information by category.
• Filter: At the top of the table, users can filter by Supplier, Risk Type, Risk Score, Created By, Created On, Risk Action Due Date, Risk Action Notification Date, and Supplier Segmentation.

Users with Risk create permissions can create one or multiple scheduled risk actions with a Risk by selecting the boolean ‘Add scheduled action’ while creating a risk. Once enabled, users can write a ‘Scheduled action description’ as well as add an assignee that will receive a notification from Levelpath on the associated notification date and time within the scheduled action. 

Users with Risk edit permissions can make edits to scheduled risk actions, as well as change the status, by selecting the ellipses (...) in the last column of the table and selecting ‘Edit’ from the dropdown. Users can also archive Risk items from this dropdown as well. 

Scheduled Actions

Within the Scheduled Actions tab users will find a table displaying all scheduled actions associated with a risk record within their tenant. This table includes key details relating to the scheduled actions, including:

• Supplier
• Commercial entity
• Risk name
• Scheduled action description 
• Status
• Due Date
• Notification date
• Assignee

Similar to the Risk Record tab, users with Risk edit permissions can click on the three dots at the far right of the scheduled actions row to make edits if needed to the scheduled action item. 

Click a Scheduled Action row to open the associated Risk Record. From there, users can review the action details and make any necessary updates.

 

Questionnaire Template

Within the Questionnaire Template tab, users can create Risk Questionnaires that can be sent to Suppliers within a Risk Step in a project. 

Building a Questionnaire Template is similar to building a Bid within a Sourcing Event using the Questionnaire Builder tool. To start, click “New Template” in the upper right hand corner. 

From here, within the popup provide a custom name in the Questionnaire template name textbox as well as an optional Supplier Instructions and then select “Create questionnaire template”. 

Note: If your team has a questionnaire template you’d like to reuse, please contact Levelpath Support for assistance with importing and exporting Risk Questionnaire templates.

Once within the template draft, users will have the option to “Edit details” if they’d like to change the template name or instructions. From this page, users can also add questions by selecting “Create Section” or “Upload questionnaire” 

Once a section has been created, users will have the ability to “Add questions” or “Create subsections” to the section

When adding a question, users can choose the Question Type:

• Free text – suppliers type their answer with no limit on characters.
• Short text - suppliers type their answer, but limited to short phrases (think: names, contact information).
• Multiple choice – suppliers select from answer options you define.
  • Users can enable ‘Allow multiple answers’ and ‘Add additional comments fields’ if desired.
• File upload – suppliers attach a document or file as their response.
  • Users can enable ‘Add additional comments fields’ if desired.

Provide the question text and any answer options (if applicable). Users can choose to make any question required.

Note: For Multiple Choice or File Upload questions, enabling Add additional comments fields adds an Additional comments field label field in Levelpath, where your team can enter the title for the supplier’s comments box. When enabled, suppliers will see an extra text box in the question with your custom label and can provide additional information related to the question.

Once finished, users can select “Publish” in the upper right hand corner of the draft. 

If users need to make updates to a Questionnaire template, users can create a draft of the template by selecting “Revise Template” when within the template. If multiple versions exist, use the version dropdown in the upper-right corner to switch between versions and review past changes.

Supplier Record - Risk 

Within the Supplier Record Hub, each Supplier Record includes a Risk tile. The Risk value displayed on this tile reflects the value selected in the Risk Categorization dropdown, found on the right side of the Overview page. From this dropdown, users can choose one of the following five options to label a Supplier’s overall risk status: Low, Low/Medium, Medium, Medium/High, or High.

Note: The Supplier Segmentation field can be enabled or disabled, by an Organizational Administrator, for all Supplier Records by navigating to Data Manager > Supplier Record > Brand Entity Record. Currently, the options available in the Supplier Segmentation, and Risk categorization, dropdown cannot be customized.

Clicking this tile displays details similar to those in the Risk module, including:

• Risk Type
• Risk Score
• Risk Description
• Scheduled action description
• Due date
• Status

Additional information includes:

• Created by
• Created date
• Updated
• Docs

Projects - Risk 

Users also have the ability to create and view risks associated with a Supplier directly with the Risk Review step within a project. Once a Supplier is associated with a project that has a Risk Review step, users can kick off a risk review directly from the project, and send forms directly to suppliers. 

Once a supplier has responded, risk reviewers can add, adjust, or remove the risk factors directly within the project, and see the associated risks on the supplier record.

 

You have now mastered Risk! 🏆

If you have any additional questions, please reach out to Levelpath Support.