Create or modify a risk criteria threshold

Risk Criteria are the scoring values attributed to the likelihood that a risk will occur, and the significance to your organization if the risk does occur. Risk Criteria Thresholds allow you to define what is deemed a high/likely or low/unlikely score. You can create or modify risk criteria thresholds, as necessary.

About this task

Risk defines Risk Criteria Thresholds as follows.
Table 1. Risk Criteria Thresholds
Likelihood Significance Scores
1 = Extremely Unlikely 1 = Very Low 0-5 = Very Low
2 = Unlikely 2 = Low 6-10 = Low
3 = Neutral 3 = Moderate 11-15 = Moderate
4 = Likely 4 = High 16-20 = High
5 = Extremely Likely 5 = Very High 21-25 = Very High
Note: See Risk scoringfor information how the scores of Risks are calculated.

Procedure

  1. Navigate to Risk > Administration > Risk Criteria Thresholds.
  2. Select the threshold to modify or click New.
  3. Fill in the fields on the form, as appropriate.
    Name Description
    Label Sets the name of the Risk Criteria Threshold (for example, Extremely Likely or Very Low).
    Type* Select Likelihood, Significance, or Score depending on which the new threshold will apply.
    Max value* Sets the max score for a threshold.
    Note: The properties restrict the values of Likelihood and Significance to 1-10. Therefore it is not beneficial to create Likelihood or Significance thresholds for max values greater than 10 or Score thresholds for max values greater than 100.
    Note: * indicates a mandatory field.
  4. Click Submit.