Finding Impact and Likelihood during Risk creation

[Priya Agrawal2]

We find Likelihood, Impact and Scores are to defined in the RISK CRITERIA of SNOW. However, at the time of creation of Risk statement/Risk, we are unable to find any input fields for Likelihood and Impact. Only Score field is visible which is calculated basis the inputs on SLE/ALE. Please help us know where we can find the Likelihood and Impact input fields.

[Community Alums]

likelihood Is more of like a probability of the Risk occurrence and due to this risk what would be the underlying Impact .

The inherent and residual scores for a risk are calculated using the risk criteria, likelihood, and impact

 For example, driving at a high speed on a highway is inherently more of a risk than driving at a moderate speed. The score of this inherent risk is derived by multiplying the impact of the risk and the likelihood of the risk.

Controls can mitigate the impact or likelihood of a risk. For example, highways have speed limit monitors. If a risk materializes, the controls mitigate the impact. Controls can be preventive, detective, or corrective.

Example :- Qualitative Inherent Score = Inherent Likelihood x Inherent impact 

While Creating the Risk Statements, you can Define the Default Scores:

Mark my answer correct & Helpful, if Applicable.

Thanks,

Sandeep

[Community Alums]

Hi @Priya Agrawal ,

Any update to this ?Any follow-up required? if not

Kindly mark the answer as Correct & Helpful both such that others can get help.

Thanks,
Sandeep

[Rangamani K]

Quick help required Sandeep. I'm trying to configure the risk statement, but I could not see the default scores section. It comes when the page loads, but disappears when the page has completely rendered. Could you please help me to solve this. 

Also my requirement as below to create risk assessments. Customer has provided the below inputs, but need some clarity to configure the same.

Risk Category / Area

Risk Source

Applicable?

Explantion of Risk

Current Controls in Place to Address Risk

Likelihood

Impact

Liklihood score

Impact Score

Calculated Risk

Unmitigated Risk

% Mitigated by Controls

Residual Risk Score

Residual Risk Ranking

WOrkPlan

Time Frame

Who Responsible

Governance

[CASK Fedigan]

Hello,

The 'likelihood' is labeled 'Inherent likelihood' and 'impact' is labeled 'Inherent impact'. See screenshot for this evidence in the table dictionary. These should be calculated through assessments but can be manually changed if edited on a list view.

Cheers,