What is 'risk structure node type' in SAP FS-PM - Policy Management?

risk structure node type - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: Determines the meaning of a risk structure node and the set of attributes used to describe it. The risk structure node types that are relevant for an insurance product are defined in the product definition. Example The following node types are used in US commercial liability insurance: Location Classification

risk structure node type - Details

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  Key Concepts: 
  Risk structure node type is a component of the FS-PM Policy Management module in SAP. It is used to define the structure of a risk management system, including the different levels of risk and the relationships between them. The node type also defines the attributes associated with each level of risk, such as the probability of occurrence and the severity of impact. 
  
  How to use it: 
  The risk structure node type is used to create a hierarchical structure for a risk management system. This structure can be used to identify and assess risks, as well as to develop strategies for mitigating them. The node type also allows users to define the attributes associated with each level of risk, such as the probability of occurrence and the severity of impact. 
  
  Tips & Tricks: 
  When creating a risk structure node type, it is important to consider how each level of risk is related to one another. This will help ensure that risks are properly identified and assessed, and that strategies for mitigating them are effective. Additionally, it is important to consider how the attributes associated with each level of risk will affect the overall risk management system. 
  
  Related Information: 
  For more information on FS-PM Policy Management and its components, please refer to SAP's official documentation. Additionally, there are many online resources available that provide detailed