Enterprise Risk Management Variables

UNDER CONSTRUCTION

What are Risk Variables?

Abriska allows the risk methodology it uses to be tailored to an organisation's specific requirements, by allowing different risk variables to be used to assess threats. For example, impact, likelihood, probability or proximity. URM will initially set up the product to utilise its own risk assessment methodology, which can then be tailored to reflect an organisation-specific risk appetite or any existing model.

The explanation of the chosen methodology is available from the methodology tab on RA Management.

Variable Type Setup

It is recommended that this be set up by support before training, and it will be discussed with the Customer Success Manager. The variable types are what make up the risk calculation. The setup allows for the identification of variables' minimum and maximum values, the axis and calculation options such as max; maximum value of each variable, product; multipled rather than averaged or average.

To make any changes to the default in your account, please speak with the Customer Success Manager or email Support to discuss configuration.

Default Methodology

The methodology is as follows:
Likelihood - "the chance of something happening"

The default scale is 1 - 5, 1 being 'rare' likelihood and 5 being 'almost certain likelihood.

Impact - "evaluated consequence of a particular outcome”

The default scale is 1-5, 1 being 'insignificant' and 5 being 'catastrophic'.

This can include a number of impact types such as financial, operational, legal & regulatory etc. An average across these types needs to be selected for the calculation.

@@The scale and terminology can be adjusted to suit your organisation and risk matrix.@@

Back to Risk Variables or RA Management