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Risk Management Overview
The following steps are optional, it is not a requirement that an organization use the Risk Module. The following steps should only be implemented if an organization plans to use Amp Impact to manage Risk.
Customize Risk Setting Custom Metadata Type
Fields on Risk convert picklist values to numbers for analytics which are used to calculate an overall score (based on Probability and Impact) and a Risk Level based on that score and thresholds corresponding to either a 5x5, 4x4, or 3x3 Risk Matrix. Modifying the ampi__Risk_Setting__mdt custom metadata type allows a system administrator to define which scale should be applied to risk settings.
Please note to fully implement this feature customized to an organization”s use case, you must follow the steps under each of the following headings: Define the Risk Matrix, Define Risk Level Thresholds, and Update Risk Picklist Values.
Define the Risk Matrix
Navigate to the Setup Interface and search for “Custom Metadata Types”.
Click “Manage Records” next to “Risk Setting”.
Click “Edit” next to “Risk Default Scale 5x5”.
To modify the Risk Matrix size, click on the dropdown menu next to “Risk Mode”:
For a 3x3 Risk Matrix, select 3;
For a 4x4 Risk Matrix, select 4;
For a 5x5 Risk Matrix, select 5 (this is the default value assigned out of the box).
5. Click “Save”.
Define Risk Level Thresholds
After selecting the appropriate Risk Matrix scale, the thresholds in the ampi__Risk_Setting__mdt will need to be updated accordingly to represent the corresponding number of risk levels. Updating the thresholds on the custom metadata type will impact the population of the ampi__xx_Risk_Level__c field and assign the picklist value that corresponds to the defined risk threshold. The automation ampi__Populate_Risk_Level process builder will populate the Risk Level according to the values defined in the thresholds. This will also determine the maximum possible value that can be determined for the Overall Score, captured in the formula field ampi__xx_Overall_Score__c.
If a 3x3 Risk Matrix is selected, the maximum Overall Score that can be calculated is 9.
If a 4x4 Risk Matrix is selected, the maximum Overall Score that can be calculated is 16.
If a 5x5 Risk Matrix is selected, the out of the box values may be used as is, or an organization may choose to customize these values. The maximum Overall Score that can be calculated is 25.
The maximum possible Overall Score for an assigned Risk Matrix should be used to determine the”“High Risk Threshold”. A value smaller than the maximum possible Overall Score can be used, however, if a value higher than the maximum Overall Score is used, a risk”s Risk Level will never reach “High Risk Threshold”. An organization may determine internally how to distribute the values associated with each threshold. Note that any Overall Score calculated that is less than the value defined for “Medium Low Risk Threshold” will be assigned a level of “Low Risk”.
Follow the below steps to edit risk thresholds on ampi__Risk_Setting__mdt:
From the Custom Metadata Types page, click “Manage Records” next to “Risk Settings”.
Click “Edit” next to “Risk Default Scale 5x5”.
Click into the threshold fields and type the new values.
After updating all values click “Save”.
Update Risk Picklist Values
If a 3x3 or 4x4 Risk Matrix is selected, the following updates will need to be made to the ampi__Potential_Impact__c and ampi__Probability__c picklist field values. Out of the box, these fields come packaged to align with a 5x5 Risk Matrix with the five following picklist values: “Very Low”, “Low”, “Medium”, “High”, and “Very High”.
If a 3x3 Risk Matrix is selected, deactivate the following picklist values from the ampi__Potential_Impact__c and ampi__Probability__c fields:
Very Low
Very High
If a 4x4 Risk Matrix is selected, deactivate the following picklist value from the ampi__Potential_Impact__c and ampi__Probability__c fields:
Very Low
To deactivate the picklist values, use the following steps:
Navigate to the Object Manager and search for “Risk”.
Click on the ampi__Risk__c object and navigate to “Fields and Relationships” to select the ampi__Potential_Impact__c field.
Scroll down to the bottom of the page and find the “Values” section to “Deactivate” the unnecessary picklist values.
Repeat steps 3-6 for the ampi__Probability__c field
Track Risk Acceptance Levels
Note that the steps outlined in this section are optional and based on the requirements of your organization.
The fields “Acceptable Risk Level” and “Is Risk Level Acceptable?” on the Risk object helps users to keep a track of whether risks have been brought down to their acceptable levels. “Is Risk Level Acceptable?” is a formula field that compares the picklist fields (with default values: High Risk, Medium High Risk, Medium Risk, Medium Low Risk, Low Risk) “Acceptable Risk Level” and “Risk Level” field to return text values in the following manner:
Returned Value | Condition |
Not Enough Information | If either of the picklist fields “Acceptable Risk Level” or “Risk Level” have empty values |
Yes | If the value of “Risk Level” is equal to or lower than “Acceptable Risk Level” (for example: Risk Level = Medium & Acceptable Risk Level = Medium) |
No | If the value of “Risk Level” is higher than “Acceptable Risk Level” (for example: Risk Level = High & Acceptable Risk Level = Medium) |
If you have customized the values of the “Risk Level” field set by removing certain values, then please make sure that you have removed those values from the “Acceptable Risk Level” field as well. Additionally, by default the formula field “Is Risk Level Acceptable?” is not available on the Risk object page layout. Please follow the steps mentioned below to add the field to the page layout:
Navigate to the Object Manager to search for the “Risk” object.
Navigate to the relevant page layout to add the “Is Risk Level Acceptable?” to the page layout. Click “Save”.