This article explains:
What a Risk Score is
How the Risk Score is calculated
How to tailor the Risk Matrix in your account
Risk Score:
Risk Scores leverage a commonly used tool that display how risks affects an organisation. The Risk Score is based on two factors:
Impact - that the risk occuring would have on your organisation
Likelihood - of the risk occurring
When opening or editing a risk, you set the the relevant value for both the impact and likelihood field. These values are determined by the assessors of the assessment and subsequent risk. Adding these values will automatically calculate the risk score and display it on the Risk. Learn how to open and manage risks here.
Calculation:
The score is calculated by multiplying the value selected of impact and likelihood. I.e. if the value of a medium likelihood is 2 and the value of a high impact is 3 the score will be 6. This is visualised in the Risk Matrix.
Tailoring your Risk Matrix:
The Risk Matrix can be tailored to suit the matrix you use at your organisational level, so that the values and scores are aligned to make it easy to track and communicate internally.
Only Admin level users can edit account settings including the Risks settings page. To edit:
These impact and likelihood labels will determine the Risk Matrix.
Risk Scores will be filtered through to the Reports Risk page:
To mandate a Risk Score for all Risks change the setting to Required
💡 If there is anything we haven't covered, please feel free to contact us at support@riskledger.com or alternatively, select the Chat icon in the bottom right corner.