What is impact level in SAP GRC-RM - GRC Risk Management?

SAP Term: impact level

• Component: GRC-RM

• Component Name: GRC Risk Management

• Description: An estimation of the consequences of a a particular risk on the basis of configurable scale. This scale can range, for example, from insignificant to catastrophic.

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• Key Concepts: 
  Impact level is a risk management concept used in SAP GRC Risk Management (GRC-RM). It is a numerical value assigned to a risk that indicates the severity of the risk. The higher the impact level, the more severe the risk. Impact levels are used to prioritize risks and determine which ones should be addressed first.
  
  How to use it: 
  Impact levels are assigned to risks in SAP GRC Risk Management. The impact level is determined by assessing the potential impact of the risk on the organization. Factors such as financial loss, reputation damage, and operational disruption are taken into consideration when assigning an impact level. Once an impact level is assigned, it can be used to prioritize risks and determine which ones should be addressed first.
  
  Tips & Tricks: 
  When assigning an impact level to a risk, it is important to consider all potential impacts of the risk. This will ensure that the correct impact level is assigned and that risks are prioritized correctly.
  
  Related Information: 
  SAP GRC Risk Management (GRC-RM) is a comprehensive risk management solution that helps organizations identify, assess, and manage risks. It provides tools for assessing risks, assigning impact levels, and prioritizing risks based on their severity.