Skip to content
  • There are no suggestions because the search field is empty.

Risk Matrix Configurability

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

 

Prerequisites:

  1. A risk matrix scoring method that differs from the standard 5x5.
  2. Communication with Risk Managers, Risk Owners, and Risk Admins as to the upcoming changes.

 

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

Instance Level

  • Applies to 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. Toggle on the 'Custom Configuration'

Organization Level

  • Applies to all clients within the specified organization (unless the client has its own configuration)
  • To configure:
    1. Navigate to Manage Organization > Edit Organization > Configuration Tab
    2. Select the Risk Register tab
    3. Toggle off the 'Inherit Configuration'

Client Level

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

Risk Matrix Configuration Confirmation

  1. No matter which level you want to enable the custom risk configuration for (instance, organization, or client) - you will always be presented with a confirmation asking if you wish to enable this feature:

CAUTION: As soon as this option is enabled your risks will utilize this new risk matrix method. Make sure to review any existing risks, once fully completed with the configuration, to see if updates are necessary to meet the new configuration.

Risk Matrix Configuration

This is where you will configure your risk matrix components as follows:

  1. Input the label and number of rows for the X-Axis (horizonal axis)
  2. Input the label and number of columns for the Y-Axis (vertical axis)
  3. Select Risk Rating Calculation type (see more below)
  4. Set values the the Risk Matrix Components (X-Axis, Y-Axis and Risk Rating)
    1. Select the Risk Matrix Component from the dropdown list
    2. Select the Add Button
      1. Input the Name of the value you wish displayed
      2. Input the Sort Order in which you wish the value displayed
      3. Enter the Score value in which you wish to assign to this value
      4. A description of this value may be added for future reference.
    3. When completed click Save.

Note: The X-Axis sort order starts values from left to right, while the Y-Axis sort order starts values from top down.

Risk Rating Calculation

There are two calculation methods available:

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

Example

  • If Column 3 is scored as a 5 and Row 4 is scored as a 7: 
    • Additive: 5 + 7 = 12
    • Multiplicative: 5 x 7 = 35