Define a threshold amount for the risk event response template

  • Release version: Washingtondc
  • Updated February 1, 2024
  • 1 minute to read

    • Define a threshold limit for assigning risk event approvers. A threshold limit is defined to determine if a risk event needs an approver.

    Before you begin

    Role required: sn_risk.manager and sn_risk.admin

    About this task

    Based on the risk loss amount, you can decide whether approvers are required for the risk events losses. For example, for any risk event that results in a loss of $1000 or less, an approver is not needed. But for any amount beyond $1000, the risk event must be evaluated and an approver is automatically assigned. There can be multiple levels of approvals depending on your defined thresholds. For a better understanding, see the following image. Risk event thresholds for approval

    In the previous example, the following rules are applied.
    • If the loss is between $0-$100, approval is not required.
    • If the loss is between $101 – $200, approval is required and approval goes to Caitlin.
    • If the loss is over $201 approval will be required from both Caitlin and the Risk manager.

    Procedure

    1. Navigate to All > Risk Events > Administration > Response Templates.
    2. Select and open the risk event response template for which you want to add the financial threshold limit.
    3. In the Financial Impact Approval Thresholds related list, click New.
    4. From the Threshold amount list, select the currency type and enter the amount that needs an approval.
    5. Select the Approver required check box.
    6. From the Assignment type list, select either User or Group.
    7. In the Approver field, select the approver to approve the risk event if the threshold amount is exceeded.
    8. Click Submit.

    Result

    The response template is updated with the threshold limit and approver details.