---
title: Setup checklist for GRC Advanced Risk
description: Use the following checklist to get a high-level overview of the basic configurations available with the Advanced Risk application.
locale: en-US
canonical_url: https://www.servicenow.com/docs/r/australia/governance-risk-compliance/grc-risk-management-workspace/setup-checklist-advanced-risk.html
release: australia
product: GRC: Risk Management Workspace
classification: grc-risk-management-workspace
topic_type: task
last_updated: "2026-05-04"
reading_time_minutes: 2
breadcrumb: [Risk Management implementation, Configure, Risk Management, Governance, Risk, and Compliance]
---

# Setup checklist for GRC Advanced Risk

Use the following checklist to get a high-level overview of the basic configurations available with the Advanced Risk application.

## Before you begin

Role required: sn\_risk.admin

## Procedure

1.  Create and print a PDF of the checklist topic and check off tasks as you complete them.

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Checklist

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Risk managers can create hierarchies that include different types of risk \(operational risk, IT risk, or strategic risk\). Once the underlying risks are assessed, the risk scores are automatically rolled up across the risk statement hierarchy, providing better tactical and strategic decision-making. For details, [Risk hierarchy and scoring](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/governance-risk-compliance/grc-risk-management-workspace/risk-hierarchy-scoring.md).

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Risk managers must define the risk statement hierarchy and associate child risk statements to parent to create a risk hierarchy. For details, see [Define risk statement hierarchy](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/governance-risk-compliance/grc-risk-management-workspace/create-risk-state-hierarchy.md)

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Risk rollups are critical to display the accurate risk ratings. Risk administrators can define the rollups and hierarchy. For details, see [Risk score rollup in Advanced Risk Assessment](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/governance-risk-compliance/grc-risk-management-workspace/risk-rollup-ara-concept.md)

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Risk events are potential or actual financial and non-financial losses, near misses, and gains that occur within an organization. Risk administrators can integrate risk events with other applications to facilitate reporting of risk events. For details, see [Manage risk events](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/governance-risk-compliance/grc-risk-management-workspace/manage-risk-events.md)

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With GRC Advanced Risk Assessment, create an integrated risk platform. Risk administrators can configure detailed risk assessment options. For details, see [Advanced Risk Assessment](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/governance-risk-compliance/grc-risk-management-workspace/advanced-risk-assessment.md)

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**Parent Topic:**[Risk Management implementation](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/governance-risk-compliance/grc-risk-management-workspace/risk-impl-overview.md)