Risk Likelihood values are used to measure how likely it is that a risk event will occur and are used in the Risk Analysis section on Risk Group, Risk Register and Risk Instance Records.
Commonly used Risk Likelihoods include Rare, Unlikely, Possible, Likely and Almost Certain; however, you can tailor your likelihoods to fit with your organisation's chosen risk matrix.
To access your Risk Likelihood values, navigate to Account Settings from the system Home Page.
Note: Only users with Master User permissions can access the Account Settings.
Click Module Setup followed by Risk Management and then Risk Register.
Click +Add to create a new Risk Likelihood.
Each Risk Likelihood value will consist of a Name, Value, Colour Value and Description.
Below is a table with examples.
|Rare||1||#71b344||Occurs once every 10 years or more|
|Unlikely||2||#ffc000||Occurs once every 5 to 10 years|
|Possible||3||#ff7d31||Occurs once every 2 to 5 years|
|Likely||4||#ff0000||Occurs once every 2 months to 2 years|
|Almost Certain||5||#c00000||Occurs once or more every 2 months|
Enter the Risk Likelihood details click Save.
The Risk Likelihood will be added to the list and become available for use in the module.
If you need to Edit, Disable or Delete the Risk Likelihood, you can use buttons beside the value to do so.
Note: Disabling a Risk Likelihood will ensure it is still visible in the Account Settings, on past records and in reports, however, will be unavailable for selection when new records are created. Deleting a Risk Likelihood will remove it from the account entirely.
Should you need any further support please contact the team at email@example.com or call 01206 321 391.