StartRisk uses risk classes to group similar types of risks together. This grouping allows Risk Class Owners (those assigned responsibility for monitoring a risk class) to easily perform a holistic assessment of a class of risks. More detailed information about Risk Classes can be found here.
Each risk class has defined risk consequence definitions. These definitions are in place to ensure that all users in a business are being consistent when they are assessing the potential impact of a risk. More detailed information about setting risk consequence definitions can be found here.
Example Risk Class Screen in StartRisk:
Some users will be able to view the risk class screen which shows:
Risk Class: A categorisation of similar risks based on shared characteristics or areas of impact, allowing for targeted management and reporting.
Consequence Criteria: The specific outcomes or impacts defined for each risk class, used to assess the severity of a risk event. These criteria are a mix of qualitative descriptions and quantitative measures.
Risk Appetite: The amount of risk that a business is willing to accept or retain in pursuit of its objectives. Risk appetites are set for each Risk Class.