How do you perform risk classification? What is the difference between low, medium and high-risk classification?

Sharad Jaiswal
Sharad Jaiswal

Posted On: Feb 22, 2018

 

The risks should be classified as per the policy of the company. There are various risk classifications that can be defined as per risk priority and company policy:

Critical-

For risks that contain the company’s critical assets that may be compromised by fraud or system disruptions, Critical Classification is done.

High-

Physical or monetary loss or system-wide disruption includes fraud, loss of any asset or failure of a system are included.

Medium-

Multiple system disruptions like overwriting master data in the system are included in this.

Low-

These are the risks in which either productivity losses or system failures are compromised by fraud or system disruptions. In this, the loss is said to be minimum.

    Related Questions

    Please Login or Register to leave a response.

    Related Questions

    GRC Interview Questions

    What is the SAP GRC?

    SAP GRC abbreviated as System, Applications, and Products (SAP), Governance, Risk and Compliance (GRC) which is an integrated body combining of various activities which unite help the organizations to...

    GRC Interview Questions

    What is UME and how it works?

    UME stands for the user management system. When A user tries to access a tab whose access is not with them, the tab will not display when the user tries to access that tab. A user can only access a fu...

    GRC Interview Questions

    What are the key activities that Process control shares with Access control in GRC?

    Risk control needs to be performed as a part of compliance and regulation practice, it is required to mitigate risk in an organization. A critical part of managing risk in an organization is to defin...