Entities and Attributes of Risk Management Systems
In database design for risk management, common entities and their attributes include:
1. Risk:
- RiskID (Primary Key): Unique identifier for each risk.
- Description: Description of the risk.
- Category: Category or type of risk (e.g., operational, financial, compliance).
- Likelihood: Likelihood of the risk occurring.
- Impact: Impact of the risk on the business.
- Status: Status of the risk (e.g., identified, assessed, mitigated).
2. Control:
- ControlID (Primary Key): Unique identifier for each control.
- Description: Description of the control.
- Type: Type of control (e.g., preventive, detective, corrective).
- Owner: Owner or responsible party for the control.
- ImplementationDate: Date of control implementation.
- Status: Status of the control (e.g., implemented, pending).
3. Incident:
- IncidentID (Primary Key): Unique identifier for each incident.
- Description: Description of the incident.
- Date: Date of the incident occurrence.
- Severity: Severity level of the incident.
- Status: Status of the incident (e.g., open, closed).
4. Report:
- ReportID (Primary Key): Unique identifier for each report.
- Type: Type of report (e.g., risk register, incident report, compliance report).
- Date: Date of the report generation.
- Content: Content or data included in the report.
- Recipient: Recipient of the report.
Database Design for Risk Management Systems
Risk management systems are integral components of businesses, financial institutions, and organizations across various industries, aiming to identify, assess, and solve risks that may impact operations, finances, and reputation. These systems depend on data analysis, modeling techniques and decision support tools to effectively manage risks and ensure business resilience.
In this article, we will learn about How Database Design for Risk Management Systems by understanding various aspects of the article in detail.
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