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Risk types and levels

For recording person related risks, there are two risk parameters available in the Tuum system:

They are two interrelated parameters where the risk type defines the risk itself and risk level indicates the magnitude of impact. You can define the meaning of those parameters and the criteria for assigning them to the person as per your risk policy framework.

Below, you can find theoretical examples explaining risk type and risk level.

The examples given below are not present in the Tuum system. You must define the risk type and/or the risk level based on your risk policies, as explained below.

Create risk type

Persons > Settings > Risk types.
On the risk type page click the Create risk type button.

Define the Risk type code and Description for the risk type.

You can add the risk type to an existing person and when creating a new person.

For example, you can create different risk types such as Credit risk, Operational risk, and Reputation risk.

Create risk level

Persons > Settings > Risk levels.
On the risk level page click the Create risk level button.

Define the the Risk level code and Description for the risk level.

You can add the risk level to an existing person and when creating a new person.

For example, you can create risk levels such as High, Medium, and Low to determine the impact level of the risk. A High level of risk means that the person is the riskiest.

Assign risk

When assigning the risk to a particular person, you should choose Risk type and Risk level. For example, the outcome can be risk type: Operational risk with the impact of risk level: Medium.