What Is a Risk Assessment Method?
A Risk Assessment Method in BoardX is a structured framework used to evaluate the impact, likelihood, and control effectiveness of potential risks. It ensures risks are assessed consistently across your organisation, whether they are created manually or suggested by BoardX AI.
How to Create a Risk Assessment Method in BoardX
Step 1: Navigate to the Risk Assessment Method Section
Go to the Risk Management Workspace Dashboard,
orNavigate via GRC List > Risk Assessment Method
Step 2: Click + Add New
Click the + Add New button at the top right of the screen to begin.
Step 3: Enter Basic Details
Name: Provide a clear and meaningful title.
Description: Briefly explain when and how this method should be used.
Category/Subcategory: Link the method to a relevant risk category for organisation and filtering.
Step 4: Define Impact and Likelihood Scales
Add guidance for five rating levels of impact and likelihood.
Each level should have a brief description to ensure clarity and consistency during assessment.
Step 5: Set Control Effectiveness Levels
Define descriptions for six rating levels (from 0% to 100%).
This helps assessors measure how well existing controls reduce the risk.
Step 6: Save
Click Save
Why This Matters
Using a standard Risk Assessment Method enables your team to:
Evaluate risks consistently and objectively
Generate meaningful, comparable risk reports
Make more informed decisions and improve risk response planning
If you would like support in setting up a Risk Assessment Method for your organisation, please contact your Customer Success Manager. We’re here to help.