What is risk escalation in SAP GRC-RM - GRC Risk Management?

SAP Term: risk escalation

• Component: GRC-RM

• Component Name: GRC Risk Management

• Description: Risk escalation is a process of escalating a risk to the responsible person to take appropriate countermeasures. It is triggered when a risk exceeds a pre-defined threshold within a company.

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• Key Concepts: 
  Risk escalation is a process in SAP GRC Risk Management (GRC-RM) that allows organizations to identify and manage risks more effectively. It involves escalating risks to higher levels of management when they exceed certain thresholds. This helps ensure that risks are addressed in a timely manner and that appropriate action is taken. 
  
  How to use it: 
  Risk escalation can be used to identify and manage risks more effectively. It involves setting thresholds for risk levels, such as the maximum acceptable risk level or the maximum acceptable risk exposure. When a risk exceeds these thresholds, it is escalated to higher levels of management for further review and action. 
  
  Tips & Tricks: 
  When setting thresholds for risk escalation, it is important to consider the organization’s risk appetite and tolerance. It is also important to ensure that the thresholds are realistic and achievable. 
  
  Related Information: 
  Risk escalation is an important part of an organization’s overall risk management strategy. Other components of a risk management strategy include risk assessment, risk mitigation, and risk monitoring.