Risk classification model #
This model defines how your organization determines chance and impact for a risk.
Use the slider to change the matrix size. The minimum size is 3 by 3, maximum is 7 by 7.
The scale for chance is always the same as the scale for impact, so the matrix can only be square.
Important: when the size of the matrix is changed, all scores of all risks will be adjusted relative to the previous size. Example: the probability and impact of a risk are 2 and 3. The size of the matrix is adjusted from 3 to 5. The probability and impact are then 3 and 5. It may be that a risk is placed to an adjacent classification by rounding the chance and impact.
By default, there are 3 classifications for risks: low, medium and high. Each of those classifications can be edited to change the following properties:
- Name
- Start score
- End score
- Treatment term – within which time period should the risk be reduced?
- Financial impact
- Color
You can add more classifications or remove them. Make sure that the ranges between start- and end score of classifications don’t overlap and together cover all possible scores.
The risk settings page also includes the option to choose an explanation resource about chance and impact. This would be one of your own documents in the library that you can link here.