Risk Management

Common Questions:

• What simple Risk Matrix can I use to get started?

Summary:

• The video discusses how to configure risk management in the eramba software, including defining risk classifications, calculation methods, and risk appetite thresholds.

• The key steps are:

  1. Define the risk classifications for impact and probability, with options like "high", "medium", and "low".

  2. Select the calculation method, which can be either addition or multiplication of the impact and probability scores.

  3. Define the risk appetite thresholds, which determine how risks are categorized as "high", "medium", or "low" based on the calculated scores.

  4. Optionally, configure the treatment options for how to handle different risk levels (e.g. mitigate high risks, accept low risks).

• The transcript emphasizes the importance of carefully configuring these settings upfront, as changing them later can require significant rework to update existing risks in the system.