IREX 1.0
Functional Modules
IREX consists of four main modules: profile, identification, analysis, and mitigation & monitoring.
The Profile Module aims to establish the project profile by collecting project background information such as the project personnel, budget, type, applicable risk policies, as well as information on suppliers, contractors, and clients. The collected information enables IREX to formulate tailored risk models that are suitable for specific project profiles.
The Identification Module displays collections of questions that are relevant to the context of your project. In most situations, responses to these questions are determined through discussions with the stakeholders and/or team members of your projects.
Subsequently, the Analysis Module suggests consequence and likelihood values using these responses as well as the interdependencies between risk types and lessons learnt. You can override these suggested values where necessary.
The Mitigation & Monitoring Module extracts identified risks whose magnitudes are greater than a user-defined project-specific threshold. These risks are placed within your project’s risk register where you have access to a myriad of tools designed to help you monitor significant risks. For instance, you can search the knowledge repository for existing mitigation strategies as well as download risk reports in PDF files. In addition, risk matrices and charts that track the historical values of significant risks are available in both the Monitoring Module and the risk reports.
Event logs are maintained for all significant user interactions with the system to facilitate auditing. For instance, the timestamp, user, and IP address of user machine are recorded when a user updates an action plan in the Risk Register. The granularity of logged events is customisable.
IREX allows users to maintain risk profiles and lessons learnt by assigning groups of authorised users. For instance, these authorised users will be able to import and validate new lessons learnt from projects before they are assimilated into the system’s knowledge repository. Moreover, they can add/modify profiles of suppliers and customers as your business relationships become more extensive.