Objectives and analysis when working together really help with a consistent approach to risk management. They enable the same process to be adopted at any management level which increases efficiency and improves effectiveness.
Risk management has been an increasing focus for many businesses over recent years. This has in turn increased the number of "experts" which (although hopefully well intentioned) has resulted in new ideas. Increasing requirements detract from efficiency and good risk management. This video addresses problems associated with some of these "non-essential" items.
A risk management tool is essential to efficiency and individual effectiveness. A tool should also support integration within an organisation. This video outlines the requirements and looks at some of the pitfalls. There is also an example for comparison with your system.