Inherent Risk (IRQ) - Previously Business Information

🔍 Context and Overview

The Inherent Risk section within the Supplier's "Info" tab helps you document the nature of your relationship with a supplier and determine how critical they are to your organization. It serves as the central hub on a supplier's page for assessing Inherent Risk and establishing operational context.

By using Inherent Risk Questionnaires (IRQs), this section allows you to evaluate supplier criticality, assign business owners, and categorize vendors across your organization.

Why Use Inherent Risk?

Determine Business Impact: Standardize how supplier criticality is calculated on a 5-point scale (Minimal to Severe).
Automate Relationships: Automatically reflect system access, physical facility access, or data sensitivity based on questionnaire answers.
Streamline Data Collection: Gather contextual details by completing forms directly in the platform or sending IRQs to internal business owners directly via the platform.

🔍 How It Works

Once the IRQ toggle is checked within a questionnaire template, the entire questionnaire appears directly on the supplier’s Info page.

Questionnaire Integration: Any questionnaire designated as an IRQ will populate its full set of questions on the supplier’s Info page.
Business Impact Reflection: Answers provided in the questionnaire dynamically influence and calculate the supplier's Business Impact (Inherent Risk) level.
Relationships Reflection: Selected responses automatically assign and reflect the underlying Relationships (material risk) for that supplier (e.g., system access, physical facility access, or sensitive data shared).

🚀 How To Use and Manage Inherent Risk

1. Accessing Inherent Risk

You can view and complete Inherent Risk in two ways:

During Supplier Onboarding: When adding a new supplier to the platform.
From the Supplier Page: Navigate to the Info tab on any individual supplier page.

2. Completing IRQ Questionnaires

Once an IRQ template is activated:

Navigate to the supplier's Info tab.
Choose to fill out the questionnaire directly within the interface.
Alternatively, send the IRQ directly to internal stakeholders (such as business owners or procurement managers) via the platform to complete.
Upon submission, the supplier's Business Impact rating and Relationships will automatically calculate and update.

3. Customizing Fields and Questionnaires (Admin Settings)

✏️ Editing Permissions: Customizing Inherent Risk is available exclusively to Admin users.

To configure fields and templates, go to: Company Settings → Questionnaire Template Library and choose the relevant template.

Field Types You Can Add:

Single-choice questions
Multiple-choice questions
Open-ended (free text) questions
Date fields
File upload requests

Additional Categories You Can Include in the Supplier's Info page:

Portfolios: Assign suppliers to specific portfolios.
Inheret Risk: Capture company size, industry, or shared data types.
Evaluation Type: Define the specific assessment workflow.
Supplier Contacts: Record key primary contacts.
Business Owner: Assign an internal employee as the responsible owner.
Tags: Add custom tags for filtering and grouping.

Admin Management Capabilities:

Edit question and answer text.
Map specific answers to Business Impact levels or Relationships.
Reorder questions using drag-and-drop.
Mark essential fields as mandatory.

📈 Business Impact Scale

Business Impact measures inherent risk on a 5-point scale:

Minimal
Minor
Moderate
Significant
Severe

💡 Tip: If your organization does not have a customized classification formula, assigning a default Moderate impact to all suppliers is recommended.

❗ Important Considerations

Account-Wide Impact: Edits made to IRQ questionnaires fields affect the entire company account.
Easy Updating: Deleting a field or question that has already been filled out for a supplier will not affect existing supplier data, and answer order can be changed after publishing.
Future Data Only: Modifying Business Impact or Relationship correlations applies only to new or future supplier data assessments, not retroactively.
Correlation Eligibility: Only closed questions such as single-choice or multiple-choice questions can be correlated to Business Impact and Relationships.
Role Permissions: Freemium users and non-admin roles cannot edit IRQ settings.

📌 Summary

The Info page centralizes supplier data, supports multiple IRQ questionnaires, and enables seamless data collection whether filled out directly or dispatched to internal users via the platform. Admin users can fully customize templates, relationships, and correlations to automate Business Impact calculations across the organization.