The risk criteria screen allows you to configure and manage Risk Criteria which is the terms of reference (standards, measures, or expectations) used in making a judgement or a decision on the significance of the risk to be assessed.

• STEP 1: Select the Risk Criteria tab.

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Figure 1.1

• STEP 2: To define a new criteria record, enter a name, a short code and a description. This description will display when users hover their cursor over this in the risk assessment area where the selection for this criteria record will be made.

• STEP 3: Under Visibility, select the assessment phases for which risk rating calculations the criteria should be used. For example, Likelihood and Consequence are often used for initial assessments, whereas Effectiveness of Controls is also often used in the current assessment (along with Likelihood and Consequence) when completing a review.