Models

Last updated 1 year ago

Models

Risk models are organized tables that quantify risks by combining impact and probability scales, enabling users to input specific risk types and corresponding values for calculating and visualizing the overall risk magnitude.

Before incorporating the Organization's Risk Registries, it is imperative to ensure that the Risk Models used are suitable for the Registries to be measured upon.

To access the Risk Models page, begin by selecting the Risk Management tab on the left sidebar, as indicated by the arrow below.

Now, proceed by selecting the "Models" tab, as indicated by the arrow below.

Here is the Risk Models page, where you can either create new models by selecting the "Create New Model" button (indicated by the arrow below) or edit an existing model (circled below).

Editing a Risk Model

In this depiction of a Risk Model, the table calculates the significance of a Risk Registry by multiplying the Probability and Impact scales, as illustrated by the arrows demarcating the Risk assessment boundaries.

For instance, a risk with a probability of 3 (moderate) and an impact of 5 (extreme) is classified as Medium, as the product of 15 falls within the Medium Risk range (6-19).

Conversely, a risk with a probability of 4 (likely) and an impact of 5 (extreme) is labeled as High, as the multiplication yields 20, surpassing the Medium limit of 19.

Clicking the "Edit Model" button enables users to customize the scales by renaming them, adjusting their values, and modifying the table structure by adding or removing rows and columns.

Creating a Risk Model

Just as in the process of editing a model, when creating a new model, users determine the number of scales, specify their titles, and establish their respective quantities.

Through the action of clicking and dragging the Risk Rating borders, users can finely adjust the area designated for each Risk Rating.

In the image below, the arrow highlights the adjusted High Rating border, now positioned on the left side, resulting in the High Rating's borders being set between 9-25.

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Last updated 1 year ago

Before incorporating the Organization's Risk Registries, it is imperative to ensure that the Risk Models used are suitable for the Registries to be measured upon.

To access the Risk Models page, begin by selecting the Risk Management tab on the left sidebar, as indicated by the arrow below.

Now, proceed by selecting the "Models" tab, as indicated by the arrow below.

Here is the Risk Models page, where you can either create new models by selecting the "Create New Model" button (indicated by the arrow below) or edit an existing model (circled below).

Editing a Risk Model

For instance, a risk with a probability of 3 (moderate) and an impact of 5 (extreme) is classified as Medium, as the product of 15 falls within the Medium Risk range (6-19).

Conversely, a risk with a probability of 4 (likely) and an impact of 5 (extreme) is labeled as High, as the multiplication yields 20, surpassing the Medium limit of 19.

Clicking the "Edit Model" button enables users to customize the scales by renaming them, adjusting their values, and modifying the table structure by adding or removing rows and columns.

Creating a Risk Model

Just as in the process of editing a model, when creating a new model, users determine the number of scales, specify their titles, and establish their respective quantities.

Through the action of clicking and dragging the Risk Rating borders, users can finely adjust the area designated for each Risk Rating.

In the image below, the arrow highlights the adjusted High Rating border, now positioned on the left side, resulting in the High Rating's borders being set between 9-25.

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