Feature Update|31 Aug 2023
Manage your risks using a visual matrix
Kinabase now has a new field to calculate risk scores based on impact and likelihood using an intuitive visual matrix - using a clear and simple traffic light system.
Risk assessments help you to manage & mitigate potential risks associated with scenarios, decisions, opportunities or events. With our new risk score field, Kinabase can help you manage these in a smarter way - by enabling you to visualise, link and embed these right where you need them and keep track of mitigation measures.
Compliant with ISO 31000 risk management, the risk score input allows you to quickly input likelihood and impact, as many times as needed.
Risk matrices are an essential part of many industries, including:
- Project Management evaluating the likelihood & impact of various factors on timelines and budgets,
- Agriculture and need to assess the implications of weather events on crop yields and livestock,
- Manufacturing and you need to quantify the process Risks to an Operator.
Kinabase calculates risk score in a few simple steps:
- Decide the Likelihood (or Probability) from 1 to 5, with 1 being ""Rare"" and 5 ""Very Likely"".
- Decide the potential Impact (or Severity), if this occurrence should happen.
This also ranges from 1 to 5 with 1 being ""Very Low"" and 5 ""Critical"".
- Your Risk Score is automatically calculated by multiplying the Likelihood of the event by the potential Impact. This is then categorised into Very High, High, Medium, and Low.
This Risk Score can then easily be included in any of your existing collections on Kinabase by simply adding in this new field and inputting the Likelihood and Impact scores. The scores can then be visualised in charts (including the bubble chart), and risks prioritised and mitigated accordingly.
It's as easy and straightforward as that!