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

SAP Term: probability

• Component: GRC-RM

• Component Name: GRC Risk Management

• Description: The knowledge that a risk event will occur. The probability is expressed in percentage, whereas the likelihood is a qualitative field, in which the user specifies how likely the risk is to occur. Together with the impact value, the probability percentage defines how high the expected impact of a risk will be.

Smart SAP Assistant

• Key Concepts: 
  Probability is a measure of the likelihood that an event will occur. In SAP GRC Risk Management, probability is used to assess the risk associated with a particular event. It is expressed as a percentage, with higher percentages indicating a higher likelihood of the event occurring. 
  
  How to use it: 
  Probability is used to assess the risk associated with a particular event. It is calculated by taking into account factors such as the frequency of occurrence, the severity of the consequences, and the likelihood of successful mitigation. The probability of an event occurring can then be used to determine the appropriate risk response. 
  
  Tips & Tricks: 
  When assessing probability, it is important to consider all relevant factors and to use data-driven methods when possible. Additionally, it is important to remember that probability is not an exact science and that there may be uncertainty in the results. 
  
  Related Information: 
  For more information on probability and its use in SAP GRC Risk Management, please refer to the SAP GRC Risk Management documentation.