Key Functionality: Assessing Risks
Risk Assessments in MKinsight can be undertaken using whatever Risk Assessment Methodology and Scoring System you may wish to employ. For example, Risks in MKinsight can have one or multiple assessments. Risk surveys can also be used to gather Risk Assessments from an unlimited number of participants and their averag score can be used and, or overriden by a Risk Manager.
Risks can be assessed against Heat Maps with fully definable impact and likelihood axis. Each Heat Map can have Risk Appetite lines drawn anywhere with different Risk Appetities such as High, Medium and Low being fully definable - including full control over colours.
The Impact and Likelihood Assesments can be based on a fully definable numeric scale or narrative list such as High, Medium and Low with numbers behind them.
Impact scores can be derived from a single Impact Assessment or using multiple Impact Categories where the Assessments for each Impact Category can be combined in any mathematical combination (e.g. summed, multiplied, averaged, highest in the list etc...).
Multiple Assessment methodologies can be used at the same time so if different departments work in diferent ways their different approaches can coexist in MKinsight.