Video Training for Overview: Risk Appetite Tab
Audio Extract for Overview: Risk Appetite Tab
Transcript and Screenshots for Overview: Risk Appetite Tab
In this training, I will give you an overview of the Risk Appetite tab in Managenable® risk template software.
With this Risk Appetite tab, you can record the amount and type of risk the organization is willing to pursue or retain.
Filling-up this tab is optional for the functioning of this risk management tool.
However, recording or referencing this information somewhere is good risk management practice.
You can record the Date of the Last Review of Risk Appetite information in this tab.
And you can record the Name of the Reviewer of this Risk Appetite information.
You can record a Risk Appetite Overall Statement.
Such a statement could be quite a long text, and you may want to just type the name and location of the document to refer to.
The Risk Appetite of an organization is usually limited to an Overall Statement.
However, some organizations like to precise their Risk Appetite per Risk Zone, Risk Likelihood, and/or Risk Consequence.
This risk management application enables you to record these additional Risk Appetite statements, should you want to use them.
You can define a Risk Appetite for Likelihood Levels, which are the likelihood that the risk will occur and manifest some consequences on the objective.
And you can define a Risk Appetite for Consequence Levels, which are the consequences of a risk event on the objective, if a risk occurs.
The Risk Appetite tables to fill-up for Zones, Likelihood, and Consequence are similar.
Because they are optional, you can show or hide them.
In each Risk Appetite table, there is a header which contains a short definition.
The left column shows each Zone…
… or, shows each Level for which a Risk Appetite statement is needed.
The colors for Zones, and, the colors for Levels are automatically applied from the Risk Matrix Settings tab.
For more information on the Risk Matrix Settings tab, please refer to the relevant training.
The column Statement contains the amount and type of risk the organization is willing to pursue or retain.
This statement can be quite a long text, and you may want to just type the name and location of the document to refer to.
In summary, the Risk Appetite tab enables you to record key information related to the amount and type of risk the organization is willing to pursue or retain.
Additional Help & Training
Download the Risk Template in Excel