Set up risk areas that suits you

Hi.

If you ask three departments what risk looks like, you will most certainly get three different answers.

Because of this, it's important that you can design your risk areas so they don't necessarily need to follow the same model.

This could be different scales on your risk matrix within different risk domains and it can be different naming of which risk levels, consequences and probabilities you are working with.

Each risk area could as well have different risk appetite so that you within some areas could accept a higher risk than in other areas.

In .legal you can design your own risk areas and onboard new risk areas very easy.

And I will just show you how.

in .legal, you can access risk areas within the settings.

Here you can find your existing risk areas and you can always create a new one.

You can give it a name and responsible for the risk area.

And then you can select a scale for this risk area.

Here you have multiple options in terms of selecting the risk scale that fits this area the best you can set a risk appetite, which will draw an invisible line so that you will say in this example that all risk above 3 will be looked at as high risks.

So in this example I will have three levels of high risk here, but you can always update that as well so that you can have multiple more high risk or the other way around, you can maybe accept a higher risk, then you can design the matrix for that.

If the naming of the probability, the consequence and the risk levels doesn't suit the language that you speak in your department, then you can of course update that as well.

So let's say none in the consequence and little.

And then you can see that the scale over here will update in terms of your naming.

You can do the same with the risk levels and name them whatever you want.

So here you can name it critical instead and you will have a high risk level named critical.

Then you can create the risk area and start working within this model.

In the end you could have multiple risk areas and because of that you will be able to set a global risk appetite so that risk within the different areas will be summed up in one overall risk appetite and shown in a management report.