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Risk Management Custom Risk Scoring & Legend

How to define and configure your risk scores and thresholds to meet your specific needs

Dana Mauger avatar
Written by Dana Mauger
Updated over a week ago

HERE'S WHY

Many customers use methodologies other than the standard 5x5 Impact vs. Likelihood risk scoring. For those who do, this feature allows you to configure your risk scores and thresholds to better align with how your organization assesses, scores, and treats risks.

BEFORE DIVING IN

  • Risk Management must be enabled

  • Only Admin and Risk Manager users have the ability to configure and modify scoring methodology

  • IMPORTANT NOTE: If you have modified your risk scoring, you may have to manually complete sections on the risk assessment report, such as the heatmap, definitions, etc.

  • IMPORTANT NOTE: Modifying impact and/or likelihood to any value less than your current scores will clear existing scoring and requires users to re-assess the risks

    • Example - I used a 5x5 method scoring but I changed it to 3x3, my scores will be reset.

    • It may take a few minutes for your risk register to update with the new scoring methodology.

HOW IT WORKS

  1. When viewing the Risk Register, notice the gear icon adjacent to the action buttons

  2. On selection of the gear, the 'Risk register settings' drawer will open with the default scoring and thresholds

    • The default scoring is set to 5 x 5 (Impact x Likelihood)

    • You can select any permutation between three (3) and ten (10) for impact and likelihood, respectively

    • The number of values will automatically re-adjust based on your impact and likelihood selections

    • On the ‘Scoring’ tab, you can add definitions to each numerical value (ex. 1 = No impact, 2 = Slight Impact, etc.) for both impact and likelihood

  3. On selection of the ‘Thresholds’ tab, you will be presented with the default of four (4) thresholds - Low, Medium, High, and Critical

  4. The threshold values will automatically readjust based on your impact and likelihood selections.

  5. By selecting the 'Plus' button on the threshold chart, you can add up to five (5) thresholds.

  6. By selecting the trash icon next to each threshold name and description, you may have as few as two (2)

  7. You can change the threshold range by clicking and dragging the selector OR by using the arrow keys

  8. The visualizations on the insights page will expand/contract based on the scoring configuration

  9. On selection of any of the visualizations, you will be directed to the risk register to a filtered view of the risks within that criteria

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