Risk Management > Setup > Base > Priority Model > Priority scale

The scale will be used to determine the priority of a risk registered based on potential impact and the likelihood of the risk to re-occur.

Tasks that use this form

Create/delete the base priority scales

Navigating the form

To create a new record press CTRL+N or the new button. The following tables provide descriptions for the controls in this form:

Fields

Field name

Field description

Priority model

This field defines the priority model that will be used to calculate or determine the priority.

Impact

Risk impact defines the assessment of the process for assessing the probabilities and consequences of risk events if they are realised. The field defines the Impact (Potential impact might be high based on potential business loss).

Likelihood

This field defines the category for the likelihood of the risk to happen or re-occur. Likelihood can be defined, determined, or measured objectively or subjectively and can be expressed either qualitatively or quantitatively (using scale calculations).

Priority

Risk priority is per definition the rating resulted by combining the assessed likelihood of a risk to occur (i.e. risk probability) and its projected impact.

Record status

Shows the current status of the record. The status can be changed with the record status function.