Risk Models
Risk models are structured tables that quantify risks by combining impact and probability scales, allowing users to input specific risk types and corresponding values to calculate and visualize the overall risk magnitude.
Before adding the Organization's Risk Registries, we'll want to make sure that the Risk Models we use are fit for the Registries to be measured upon.
First, to get to the Risk Models page, on the left sidebar, select the Risk Management tab (marked with an arrow below).
Now select the Models tab (marked with an arrow below)
This is the Risk Models page, where we can create new Models by clicking on the Create New Model button (marked with an arrow below) or edit an existing Model (circled below).
Editing a Risk Model
This is a Risk Model.
In this context, the table calculates the significance of a Risk Registry by multiplying the Probability and Impact scales, as illustrated by the arrows marking the Risk assessment boundaries.
For instance, a risk with a probability of 3 (moderate) and an impact of 5 (extreme) is classified as Medium, as the product of 15 falls within the Medium Risk range (6-19).
Conversely, a risk with a probability of 4 (likely) and an impact of 5 (extreme) is labeled as High, as the multiplication yields 20, surpassing the Medium limit of 19.
Clicking the "Edit Model" button allows users to customize the scales by renaming them, adjusting their values, and modifying the table structure by adding or removing rows and columns.
Creating a Risk Model
Similar to editing a Model, When creating a new Model we decide the number of scales, their title, and their quantity.
By clicking and dragging the Risk Rating borders, we can adjust the area for each Risk Rating.
In the image below, the arrow marks the High Rating border after dragging it to the left side.
The High Rating's borders are now between 9-25.
To return to the Risk Management guide hub, click here.
To return to the main guide hub, click here.
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