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Editing Risk Details
Editing Risk Details
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Written by Daniel Mohammed
Updated over a week ago

Simply, click on any risk to open the risk details screen.
You will see the risk details card below.
Click on the dropdown buttons to manually edit your scores.

A common and easy way to include quantitative measures into your risk rating is to assign a probability level to each possible likelihood value and to assign a dollar impact to each possible impact value. The dollar value may be based on a percentage of firm capital, total assets, annual revenue, strategic reserves, or other meaningful business metrics.

As with traditional risk scoring, likelihood and impact are multiplied together to generate inherent and residual risk values in dollars or other currency. In the example above, the level 3 “Possible” inherent likelihood is associated with a 33% probability and the level 5 “Extreme” inherent impact is associated with a financial loss of $15 million. These figures multiply together to generate an expected potential loss of $4.95 million. The organization has partially effective controls in place, which has not affected the residual likelihood, but has lowered the residual impact to level 4 “Major” with a value of $5 million, resulting in a calculated residual risk of $1.65 million.

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