Audience: Risk Administrators

The likelihood of a Risk or threat happening within a specified time period measured in percentage terms. This could be estimated or assessed in qualitative terms (say high, medium, low) before conversion to a numerical value.

As part of calculating risk alerts, the likelihood of a certain risk occurring needs to be determined. To increase efficiency, reliability and repeatability these can be pre-set and categorised into Likelihood types.

Creating Likelihoods and Likelihood Types

1. To create or modify Likelihoods use the Risk Administration | Likelihoods entry point. This will reveal a list of Likelihoods and Likelihood Types already defined. The screen form will appear similar to the following:

The list shows the Likelihood Types. To reveal the specific Likelihoods within each type, select the expand icon in the far left of the relevant row in the list.

2. To create a new Likelihood Type, select the Add New icon.

3. Complete the mandatory Title and select the Save icon to the right of the screen header bar. This will refresh the screen to reveal additional options:

4. To create a new Likelihood, select the Add New icon in the Likelihood Type Details screen. This will reveal a new screen, similar to below:

5. Give the Likelihood a Title and a Weight

Note: The Weight signifies the level of Likelihood and is used to calculate the Risk Score

Amending Existing Likelihoods

1. To modify a Likelihood or Likelihood Type, select the relevant row of the list. This will display the details of the Likelihood or Likelihood Type.
2. Change any details wished and then select the Save icon.