What is context in SAP GRC-RM - GRC Risk Management?

SAP Term: context

• Component: GRC-RM

• Component Name: GRC Risk Management

• Description: The context of a risk describes the environment in which a risk can occur. The environment can be, for example, a functional location in logistics, a business area of an organization, or a material. In this way, you can group risks according to the context in which they occur. A context is made up of dimensions and their corresponding values. When you select a dimension, you more closely define the environment or "context" of a risk. A risk can, for example, occur at a functional location of a plant. You use the dimension values to more closely define the functional location that is being referred to.

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• Key Concepts: 
  Context in GRC-RM GRC Risk Management is a set of conditions that define the environment in which a risk management process is conducted. It includes factors such as the organization’s risk appetite, risk tolerance, and risk management objectives. It also includes the organization’s risk management policies, procedures, and processes. 
  
  How to use it: 
  Context is used to define the scope of a risk management process. It helps to identify the risks that need to be managed and the controls that need to be implemented. It also helps to ensure that the risk management process is conducted in accordance with the organization’s risk management objectives. 
  
  Tips & Tricks: 
  When defining context for a risk management process, it is important to consider all relevant factors such as the organization’s risk appetite, risk tolerance, and risk management objectives. It is also important to consider any external factors such as industry regulations or legal requirements. 
  
  Related Information: 
  For more information on context in GRC-RM GRC Risk Management, please refer to SAP’s official documentation on the topic.