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

SAP Term: objective

• Component: GRC-RM

• Component Name: GRC Risk Management

• Description: Goal to be attained by an organizational unit that could potentially be affected or influenced by a negative event risk or a positive event opportunity. Objectives are grouped in an objectives strategy. All strategies together form the Risk Management "Objectives Hierarchy".

Smart SAP Assistant

• Key Concepts: 
  Objective in GRC Risk Management is a statement that describes the desired outcome of a risk management process. It is used to define the scope of the risk management process and to ensure that all stakeholders are aware of the desired outcome. Objectives can be used to set goals, identify risks, and measure progress.
  
  How to use it: 
  Objectives should be specific and measurable. They should also be realistic and achievable. When setting objectives, it is important to consider the resources available and the timeline for achieving them. Objectives should also be aligned with the overall risk management strategy.
  
  Tips & Tricks: 
  When setting objectives, it is important to involve all stakeholders in the process. This will ensure that everyone is aware of the desired outcome and can contribute to achieving it. It is also important to review objectives regularly to ensure that they are still relevant and achievable.
  
  Related Information: 
  Objectives are closely related to risk management strategies, which define how risks will be managed and how objectives will be achieved. Objectives should also be aligned with the organization’s overall risk appetite and risk tolerance levels.