Smartsheet Formulas for Risk Assessment

MJ215

Hi All,

Has anyone used Smartsheet to monitor risk? I am curious how this was designed and how effective it was. I am looking for something that could populate a dashboard.

Could I populate a simple dashboard showing some levels of risk in areas that looks something like this?

A. INHERENT RISK SCORE:

Risk Impact: Value

Risk Likelihood: Value

INHERENT RISK SCORE = Impact X Likelihood : Low: 1.00 – 1.66; Medium: 1.66 – 2.33; High : 2.33 – 3.00 (in other words, if the calculation falls within the range of 1.66 – 2.33, the cell would read “Medium”)

B. MITIGATING CONTROL SCORE:

Mitigating Controls: each control is weighted as noted below. Then, the control ratings would be assigned a score of strong (3), Needs Improvement (2), weak (1). So for example, government structure, if high would be calculated as : 15% X 3.  All 8 of these would be added together for a MITIGATING CONTROL SCORE and similar to INHERENT RISK SCORE a label would be given based on where the calculation falls

C. RESIDUAL RISK SCORE: 

Based on the label for A & B above, automatically calculate this by providing the cross section of the two as listed below (Inherent Risk of Medium & Mitigating Controls of Needs Improvement = Medium Residual Risk):

Bassam Khalil

Hi @MJ215

Hope you are fine, please try the following template "Risk Assessment Matrix" in the smartsheet solution center