From the Risks page, FloQast displays a Risk Heatmap for all of your risks based on a customized Score Scale. This Risk Heatmap allows users to have a visual representation of how your risks are ranked on their potential impact and likelihood to help you easily identify and prioritize risks that pose a greater threat.
You can view your Risk Heatmap by Inherent and Residual Risk and drill down into the risks that correspond to that heatmap score. Simply click on the colored tiles to see your risks or click View All and be directed to filtered Risks page that shows you those specific risks.
Customizing Risk Scoring Scale
Before performing your Risk Assessment in FloQast, it is important to define the Risk Scoring Scale to match how your organization assesses risk. By default, the Risk Scale Scoring will default to the 0-5 Risk and Impact Likelihood scores, ranging from Very Unlikely to Critical:
To Customize the Impact and Likelihood labels on these scores, navigate to the main Risks page, click on the Heatmap tab, click the three dots, and select Risk Settings.
You will be taken to the Risks Settings page, where you will be able to customize your Impact and Likelihood scales. Simply select your Audit Project, set your Scale Range, type in custom names for your Labels, and click Save. Changes will only be applied to the Risks within the specific Audit Project you have selected.
Note: Only Admin and Manager users will able to make changes to this scale.
Once your Risk Impact and Likelihood scores are set, you can set these scales for your risks. See sections Create a New Risk and Edit or Delete a Risk for more details.