What is Enhanced Risk Assessment?

[FilipVacula]

In the IRM Recommended Implementation Sequence in NowCreate, we come across the term "Enhanced Risk Assessment". It is inserted between Basic and Advanced Risk Assessment, which are both well-defined and we are familiar with.

However, we are really not clear on what does Enhanced Risk Assessment stand for. Is it part of the Basic Risk Assessment, especially from the licensing point of view? There does not seem to be any definition of this term anywhere on the internet.

Thank you for the clarification!

[Community Alums · Accepted solution]

Hi @FilipVacula ,

Enhanced Risk Assessment is nothing but usage of additional capabilities of Basic/Classic Risk Assessment .In the licensing point of view, Enhanced Risk Assessment would be part of Basic Risk Assessment.

[FilipVacula]

Thank you, Sandeep. This was our assumption as well, but we wanted to be double sure.

[ShafrazMubarak]

In Basic Risk Assessment, the Risk Factors are defined and (Residual Impact and Likelihood and Inherent Impact and Likelihood). What is referred as 'Enhannced Risk Assessment' is that you can have your own risk assessment metrics and factors based on requirement. 

For an example, For Project Risk Assessment, you can have your own risk assessment metric with various factors like Scope Creep, Cost Risk, Time Risk, Technology Risk and etc

Like this, you can have your own combintations of Factors and Assessment Metrics and that is what referred as Enhanced Risk Assessment here

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