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Risk Matrix Configurability

The traditional 5x5 Risk Matrix is now configurable. Users can define their own custom risk matrix to better suit their needs.

Getting Started

When you enable the custom risk matrix, the feature becomes active immediately. For best results, complete this setup either:

1. Before starting any Risk Register activities, or

2. During off-peak hours to minimize any impact on users.

 

Prerequisites

  1. A risk matrix scoring method that varies from the standard 5x5.
  2. Clear communication with Risk Managers, Risk Owners, Risk Admins, and all other stakeholders involved with the risk register regarding the upcoming changes.

Feature Levels

Please note: This feature can be set at 3 different levels:

Instance Level

Applies across all organizations and all clients within the instance.

To configure:

  1. Navigate to System Configuration > Application Settings > Module Configuration.
  2. Select the Risk Register tab.
  3. Enable 'Custom Configuration' by toggling it on.

Organization Level

Applies to all clients within the specified organization unless overridden at the client  level.

To configure:
  1. Navigate to Manage Organization > Edit Organization > Configuration Tab.
  2. Select the Risk Register tab.
  3. Toggle off 'Inherit Configuration.'

Client Level

Applies exclusively to an individual client.

To configure:
  1. Navigate to Manage Clients > Edit Client > Client Products.
  2. Select the Risk Register tab.
  3. Toggle off 'Inherit Configuration.'

Configuration Confirmation

When enabling custom risk configuration at any level (instance, organization, or client), you will be prompted to confirm your choice:


Important: Once enabled, all risks will use the new risk matrix methodology. After completing the configuration, review existing risks to ensure alignment with the updated matrix and make any necessary adjustments.

Configuring the Custom Risk Matrix

Set up your custom risk matrix by following these steps:

  1. Enter the label and number of rows for the X-Axis (horizontal axis).
  2. Enter the label and number of columns for the Y-Axis (vertical axis).
  3. Select the desired Risk Rating Calculation method (detailed below).
  4. Define values for each Risk Matrix Component (X-Axis, Y-Axis, and Risk Rating):
    1. Choose the Risk Matrix Component from the dropdown.
    2. Click Add.
      1. Enter the display Name for the value.
      2. Specify the Sort Order for how the value should appear.
      3. Assign a Score value.
      4. Optionally, add a description for future reference.
    3. Click Save once configuration is complete.

Note: The X-Axis sort order progresses left to right; Y-Axis sort order proceeds top to bottom.

Risk Rating Calculation Methods

Choose from two score calculation options:

  1. Addition
    • Risk Score = Row Value + Column Value
  2. Multiplication
    • Risk Score = Row Value x Column Value

Example

If Row 4 has a score of 7 and Column 3 has a score of 5: 
  • Additive: 5 + 7 = 12
  • Multiplicative: 5 x 7 = 35