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Risk is a possible event that could cause harm or losses, or create obstacles for to achieving your objectives. The risk may also be defined as the uncertainty of an outcome that can be used for to estimate the evaluation of probability of a positive or negative outcome. The risk level related to associated with a change request is evaluated with or other ITSM entity is evaluated using the risk matrix in the ITSM application.

The risk matrix is a qualitative tool for the a qualitative evaluation of the associated risks involved based on such parameters as Impact, Probability and Business criticality. The use of risk matrices allows for more efficient allocating of resources: the higher the risk associated with the change request, the sooner you should start to work on the task and the more resources should be provided to solve the issue.The Business criticality that depends on the following parameters:

• Impact – the potential effect that the risk may have on the business user, service, or CI. The options are Low, Medium, High, Very High.
• Probability – the probability of the risk associated with the change taking place. The options are High or Low.
• Business criticality – the metric specifies how crucial the disruption of this service for the business can be. The options are High or Low.

The use of risk matrix allows you to approach the changes in a more efficient way. Use the following strategies to avoid or modify the risks:

• Decline the change.
• Remove the risk source.
• Change the probability of the negative event.
• Change the possible consequences.
• Share the risk with other parties (including contracts and risk financing).
• Retain the risk by informed decision.

If you intend to proceed with a high-risk change, it is recommended to increase the number of approvals required for the change request or another ITSM entity and create an in-depth plan of the change.

Risk metrics for Business Criticality = Low

 
Risk metrics Business Criticality = High

Extend the risk matrix

Add new impact, probability, and business criticality options

The "out-of-the-box" solution has a risk matrix with standard settings, but you can customize it based on your business tasks and priorities. Firstly, add more impact, probability and/, or business criticality options.

To add a new impact, probability or business criticality option, perform complete the following steps:

1. Open the any record of any change request that has an impact, probability or business criticality fieldthe Impact, Probability, and Business cruciality fields.
2. Right-click the title of the field you need and in the context menu that appeared, select Configure field.
3. In the Related Lists area, select the Choice tab.
4. Click New, fill and fill in the fields.
5. Click Save or Save and exit to apply the changes.

See the Choice Fields article to learn how to create choice options.

After you have added a choice option for a tablenew impact, probability, or business criticality option, perform the same steps for the the Risk Matrix (itsm_dl_change_risk) table. The action sequence is the same. 

Add new risk combinations

After adding new choice options, extend the risk matrix. To do so, complete the following steps below:

1. Navigate to Data Matching Definition → Risk Matrix.
2. Click New and fill in the fields.
3. Click Save or Save and exit to apply the changes.

Risk Matrix form fields

Repeat these steps until your risk matrix covers all the possible combinations of the impact, probability and business criticality.