Risk Impact Levels are used to measure the effect a risk would have on the business if it were to occur, and are used in the Risk Analysis section on Risk Group, Risk Register and Risk Instance Records and the Impact Summary Section on Risk Impact Records.
Commonly used Risk Impact Levels include Insignificant, Minor, Moderate, Major and Severe; however, you can tailor your values to fit with your organisation's risk matrix.
To access your Risk Impact Levels, 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 Impact Level.
Each Risk Impact Level will consist of a Name, Value, Colour Value and Description.
Below is a table with examples.
|Insignificant||1||#71b344||The risk event would have little to no impact on the business|
|Minor||2||#ffc000||The risk event would have a minor impact on the business, with little to no lasting effects|
|Moderate||3||#ff7d31||The risk event would have a moderate impact on the business, with effects lasting for a short period of time|
|Major||4||#ff0000||The risk event would have a major impact on the business, with effects lasting for a moderate period of time|
|Severe||5||#c00000||The risk event would have a severe impact on the business, with the effects lasting for a long period of time|
Enter the Risk Impact Level details and click Save.
The Risk Impact Level will be added to the list and become available for use in the module.
If you need to Edit, Disable or Delete the Risk Impact Level, you can use buttons beside the Level to do so.
Note: Disabling a Risk Impact Level 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 Impact Level 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.