Predicting Risk Impact Score Model
Define Goal
Define the goal of the model for predicting the risk impact score model. Predict the impact of risk based on expert knowledge or derived from historical occurrences.
Evaluation Steps
Evaluation Measure or Key Performance Indicator
From a given measure
Input:
- Risk measure identified in the “risk categorization/classification” step.
Output:
- Risk impact score 1 to 10 (minimum to high)
Evaluate the Business Process
From the given business process (retail industry Ex: sales transaction)
Input:
- Feed the list of risk measures identified in the “risk categorization/classification” step.
Output:
- List respective risk impact scores
Identify the list of measures > Identify the risks list > ...
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