Create a risk statement Risk managers create risk statements to group risks into manageable categories. Before you beginRole required: sn_risk.manager Procedure Navigate to Risk > Risk Library > Risk Statements. Click New. Fill in the fields on the form, as appropriate. Note: When any of the following statement fields changes: Name, Description, Reference, Category, Type, Classification, and Attestation, all the associated controls and risks are updated, and their state is set back to Draft. Table 1. Risk Statement Field Description Name* The name of the risk statement. Framework Select the framework this risk statement is associated with. Category Choose a category. Legal Financial Operational Reputational Legal/Regulatory Credit Market IT Description A description of the risk statement. Additional information Additional information for this risk statement. Inherent impact Select a number indicating how much impact the risk poses. 5 - Very High 4 - High 3 - Moderate 2 - Low 1 - Very Low Inherent likelihood Select a number indicating the likelihood of the identified risk occurring. 5 - Extremely Likely 4 - Likely 3 - Neutral 2 - Unlikely 1 - Extremely Unlikely Residual impact Select a number indicating how much impact the risk poses with all mitigation strategies in place 5 - Very High 4 - High 3 - Moderate 2 - Low 1 - Very Low Residual likelihood Select a number indicating the likelihood of the identified risk occurring with all mitigation strategies in place. 5 - Extremely Likely 4 - Likely 3 - Neutral 2 - Unlikely 1 - Extremely Unlikely Note: Accurate default scoring selections are important for normalizing risk across the organization. Click Submit.