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Risk Understanding and Classification

The objective of this SOP is to guide team members on how to understand and classify risks in the Risk Understanding section of the system, ensuring a clear understanding of risk classification and its impact on relevant business processes.

Key Steps:

  1. Select the risk class from the drop-down menu (e.g., Credit) to classify the risk into a specific category.
  2. Choose the Risk Level (e.g., Division) to quantify the level of threat or potential impact associated with the risk.
  3. Link the risk to specific Business Processes by selecting the relevant process (e.g., Accounts Receivable).
  4. Identify external Service Providers involved in the scenario by selecting them from the list (e.g., Battleground).
  5. Once all details are filled in, press "Next" to proceed.

Cautionary Notes:

  • Ensure that the risk class, level, business process, and service provider selected are accurate and relevant to the specific scenario.
  • Double-check all information before proceeding to the next step to avoid errors in risk classification.

Tips for Efficiency:

  • Familiarise yourself with the different risk classes available to accurately classify risks.
  • Communicate with relevant team members or stakeholders to ensure the selected business processes and service providers are aligned with the scenario.
  • Regularly review and update risk classifications to maintain accuracy in risk understanding and classification.

By following these steps, team members can effectively understand and classify risks in the system, contributing to improved risk management and business process alignment.


Watch a video demonstration: