RM Studio uses the Business Entity to clarify the principle part of the scope of the risk assessment. In RM Studio a Business Entity can be the corporate body as a whole, organization, university, a specific department, division of the company, critical project or subsidiary of the company, etc.

Every Risk Assessment, Gap Analysis, Control Maturity/Effectiveness Assessment, Risk Treatment and Business Continuity Plans require a Business Entity. Therefore, one of the first tasks you need to complete when starting to use RM Studio is to define your Business Entities, keeping in mind your scope of work for the project.

The release of RM Studio version 5.4 has introduced an expansion of the Business Entity(BE) capabilities and structure. You now can create a hierarchical Business Entity structure and define sub-Business Entities under your principal BE. You can also file assets under specific BEs or share the common Assets between BEs, as well as associate Risks with Assets of a Business Entity prior to Risk Assessment.

It is important to note that Categories are associated directly with the Asset, but Risks are associated with the Asset within a Business Entity. If the Asset is shared between multiple Business Entities, the Asset can have different Risks for each Business Entity. An Asset can’t have associated Risks unless it is within a Business Entity.

How to: Create a Business Entity

1. 1. In the navigation tree double click Business Entities to open in the work space to the right.
      The Business Entities toolbar has 2 items: Add New BE and Delete.

1. Left click the “+” icon to make a new entity.
2. Left click the Name ‘New Business Entity’ and input a unique name and additional information along with a Description.
3. Save the new Business Entity by clicking the icon in the top right corner or use the keyboard shortcut ‘Ctrl+S‘.

The v5.4 release brings the capability to add Assets directly under individual Business Entities. To learn more about managing your Assets in RM Studio go to the Assets.