Size of Risk - Impact Guide
The Impact Guide is designed to assist risk owners and managers determine the scores applied to any risk. In the case of the University, a 5 x 5 scale for impact and likelihood is used.
Impact ranges from Insignificant (1) to Very Serious (5). Likelihood ranges from Very Low (1) to Very High (5). The combined scores on a 5 x 5 matrix will give scores ranging from 1 to 25. The scoring will be determined on the basis of the risk owner's opinion of the residual risk after taking account of their perception of the effectiveness of the existing controls. These numbers are indicative. The total risk score can then be plotted to determine the severity of the risk on the following scale:
- 1 - 6 Low
- 8 - 12 Medium
- 14 - 20 High
- Over 20 - Very high
Examples for each of the five levels are included.
Risk management forms
A pro-forma register with a blank detailed analysis sheet can be downloaded here: