What is opportunity classification in SAP GRC-RM - GRC Risk Management?

SAP Term: opportunity classification

• Component: GRC-RM

• Component Name: GRC Risk Management

• Description: A classification system used to organize and categorize opportunities that an organization could encounter. Opportunities are classified by category.

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• Key Concepts: 
  Opportunity classification is a feature of SAP GRC Risk Management (GRC-RM) that allows users to categorize opportunities according to their risk profile. This helps organizations to better understand and manage their risk exposure. The classification system is based on a set of criteria, such as the type of opportunity, the level of risk associated with it, and the potential impact on the organization. 
  
  How to use it: 
  Opportunity classification can be used to identify and prioritize opportunities for further analysis. It can also be used to track progress on risk management initiatives and ensure that resources are allocated appropriately. To use opportunity classification, users must first define the criteria for classifying opportunities. This includes selecting the type of opportunity, assigning a risk level, and determining the potential impact on the organization. Once these criteria have been established, users can then classify opportunities according to their risk profile. 
  
  Tips & Tricks: 
  When using opportunity classification, it is important to ensure that the criteria used are consistent across all opportunities. This will help ensure that all opportunities are evaluated in a consistent manner and that resources are allocated appropriately. Additionally, it is important to regularly review and update the criteria used for classifying opportunities in order to ensure that they remain relevant and up-to-date. 
  
  Related Information: 
  Opportunity classification is just one of many features available in SAP GRC Risk Management (GRC-RM). Other features include risk assessment, control testing, and reporting. For more information about GRC-RM, please visit the SAP website or contact your local SAP representative.