What is 'impact category' in SAP GRC-RM - GRC Risk Management?

impact category - Overview

• Component: GRC-RM

• Component Name: GRC Risk Management

• Description: A classification system used to organize the potential qualitative and quantitative consequences of individual risks. Examples of impact categories might be "lost revenue" and "unplanned costs".

impact category - Details

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  Key Concepts: 
  Impact category is a classification of risks in SAP GRC Risk Management. It is used to categorize risks according to their potential impact on the organization. Impact categories are typically divided into three levels: low, medium, and high. 
  
  How to use it: 
  Impact categories are used to prioritize risks and determine the appropriate response. For example, a risk with a high impact category may require more resources and attention than a risk with a low impact category. 
  
  Tips & Tricks: 
  When assigning an impact category to a risk, consider the potential consequences of the risk occurring. This will help you determine the appropriate level of response for each risk. 
  
  Related Information: 
  In addition to impact categories, SAP GRC Risk Management also uses probability categories to classify risks. Probability categories are used to assess the likelihood of a risk occurring.