Does UpsideContract-LITE support Risk Management?
The ability to manage risk is an optional feature in UpsideContract-LITE. The system provides a mechanism to identify, evaluate, track and manage risk events, drivers, and impacts. With the risk management feature turned on, UpsideContract-LITE allows risk events to be identified including a text description of the event along with an estimated probability of occurrence and the estimated loss if the event were to occur (in time or dollars). For each risk event: • One or more Event Drivers can be identified, recording the reasons why the event may occur. • One or more Impacts can be identified, documenting potential outcomes if the event were to occur, each with an assigned probability. • Each Impact can have one or more Impact Drivers which document the elements contributing to the loss if the event were to occur. • A specific user is assigned to the event; this will be the individual responsible for managing the risk event and taking steps to reduce the probability of occurrence. • A
