The Risk Cloud Quantify product enables your organization to leverage the Open FAIR™ model to move beyond qualitative risk measures of highs and lows and drive better decision-making by communicating risk in shared monetary terms.
Grant Access to Risk Cloud Quantify
Once you have purchased Risk Cloud Quantify, your LogicGate Relationship Manager will enable Risk Cloud Quantify features in your environment and provide you with the Risk Quantification application template. The features will allow you to run a FAIR analysis and generate specialized Risk Quantification reports. The Risk Quantification application template can be used as the base for you to customize your program using these features.
First, identify the users in your organization that should have access to view Quantify records and run Analyses. To display the Quantify tab on the main navigation, configure Roles to include the Quantify module entitlements. To grant record access, configure and utilize the Permission Sets for your Risk Quantification application. This article provides more information on Permission Sets.
Second, identify the users in your organization that should have Build access to the Risk Quantification application. This article provides more information on restricting Build access.
Customize Risk Quantification Application
The Risk Quantification application template will come with 5 out-of-the-box workflows.
- Analyses (required)
- Risk Scenarios (required)
- Assets (optional)
- Threats (optional)
- Risk Responses (optional)
You can always confirm which workflow corresponds to your required Scenarios and Analyses workflows via the Quantify Mappings tab in your application settings.
Each of these templates come with best practice fields and guidance text that you can use for your program or modify to fit your needs. Common modifications include:
- Mapping Risk Scenarios to Assets that live in another IT Risk application
- Mapping Risk Scenarios to a Risk Repository that lives in another ERM application in Risk Cloud so that a subset of your existing Risks can be further assessed with Risk Cloud Quantify
Run your first Analysis
Use records in your Scenarios workflow to scope your risk scenarios. Then, use records in your Analyses workflow to enter your FAIR inputs. The number of inputs you will need to enter is based on what information you have available versus what needs to be derived. The pre-built conditional logic in the Risk Quantification template will walk you through the required fields.
Click the “Run Analysis” button on the last page to generate your loss exposure curve and view your financial loss. These values can be pulled into Table Reports and Visual Reports for you to display in other reporting formats.
For more information on running an Analysis, view the help article here.