Video Training for Objective Register: Quantitative Value
Audio Extract for Objective Register: Quantitative Value
Transcript and Screenshots for Objective Register: Quantitative Value
In the Objective Register tab, and for each objective, you can decide if you want to use, or not to use, Quantitative Value at Risk when performing risk and control assessments.
Actually, for objectives such as financial objectives, it is necessary, or at least, useful, to evaluate the quantitative value at risk.
For other types of objectives, which may be highly subjective, it is often difficult, and not necessarily worth the effort, to evaluate a quantitative value at risk, be it financial or other.
For each objective, 3 choices are available.
You can choose to use quantitative value at risk, or you can choose to keep it under consideration, which means that you do not use it yet, but you may in the future, or you can choose to not use quantitative value at risk.
Each one of these choices are color coded.
These colors are defined, and can be changed anytime, in the Objective Parameters tab.
Similarly, the list of choices in the drop-down list is defined, and can be changed anytime, in the Objective Parameters tab.
For more information on Parameters tabs, please refer to the relevant training.
In the Objective Register tab, you only choose if Quantitative Value at Risk should be used or not used, for the objective.
For example, in the Risk Register tab, the choice of using or not using quantitative value at risk, is displayed for the Objective at Risk which is selected.
If the choice, for the objective at risk, is to use quantitative value at risk, then you must enter a value in the columns Value at Risk for the record to be considered complete and valid.
In the Risk Register tab, the Value at Risk can be entered…
For the assessment of inherent risk levels.
For the assessment of acceptable risk levels.
And, for the assessment of residual risk levels.
And in the Control Register tab, the Value at Risk can be entered…
For the assessment of control design levels.
And, for the assessment of control implementation levels.
In summary, the choice of using, or not using, quantitative value at risk for each objective, enables, or disables, the ability to use quantitative values when recording assessments in the Risk Register tab, and the Control Register tab.
Additional Help & Training
Download the Risk Template in Excel