Create a risk statement

Risk managers create risk statements to group risks into manageable categories.

1. Navigate to Risk > Risk Library > Risk Statements.
2. Click New.
3. 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.
4. Click Submit.