Video Training for Overview: Risk Matrix Settings Tab
Audio Extract for Overview: Risk Matrix Settings Tab
Transcript and Screenshots for Overview: Risk Matrix Settings Tab
In this training, I will give you an overview of the Risk Matrix Settings tab in Managenable® risk template software.
In the Home tab, there is no link for this tab.
In the Risk Matrix Settings tab you design risk matrices, also known as risk heat maps, which are used in the Risk Matrix tab.
For more information on the Risk Matrix tab, please refer to the relevant training.
Designing risk matrices is very easy: you just have to choose items in a few drop-down lists.
As a generally accepted risk management convention, a risk has 2 components: a likelihood or probability component, and a consequence or impact component.
Also, each one of these components have to be placed on the axis of the risk matrix.
This risk management tool uses a 5 by 5 matrix, and enables you to customize it the way you want.
In the Risk Matrix Settings tab, you can choose the Location of the Highest Value.
This is where a risk with a Likelihood level 5 and a Consequence level 5 would be positioned in the risk matrix.
Four choices are available, which are the 4 corners of the Risk Matrix: Top Right, Top Left, Bottom Right, and, Bottom Left.
For example, if you choose Top Right then, a risk with a Likelihood level 5 and a Consequence level 5 would be positioned in the Top Right corner of the Risk Matrix.
In the Risk Matrix Settings tab, you can choose the Location of each Risk Component, by selecting which one is to be located on the vertical axis.
For example, if you choose Consequence to be located on the vertical axis…
… then, Likelihood levels will be located on the horizontal axis.
In the Risk Matrix Settings tab, you can choose the color for each Risk Zone.
You can also associate a color to each level of Risk Components.
And you can select a color for the bubble charts overlay.
For more information on changing colors in the Risk Matrix Settings tab, please refer to the relevant training.
Finally, at the top of the tab, there is an indicator of the status of your settings.
The settings status must be green and display Complete for the risk application to work properly.
If the settings status is red and says Incomplete…
…you will find an error message displayed underneath a table where you had to select an item in a drop down list.
Simply correct any issue until the settings status is green and displays Complete.
In summary, the Risk Matrix Settings tab enables you to easily design all aspects of risk matrices or risk heat maps, as well as select the colors associated with the levels of risk likelihood and risk consequence.
Any change made in this tab has immediate effect throughout the risk workbook.
Additional Help & Training
Download the Risk Template in Excel