Scoring logic for predefined formulas for group factors
Summarize
Summary of Scoring Logic for Predefined Formulas for Group Factors
The scoring logic for group factors in ServiceNow's Risk Management module allows users to apply predefined formulas that contribute to the overall risk assessment scores. These formulas are designed to compute scores based on both qualitative and quantitative factors, offering flexibility in risk evaluation.
Show less
Key Features
- Predefined Formula Selection: Users can choose from various predefined formulas to calculate scores for group factors.
- Qualitative and Quantitative Contributions: Scores can be derived from manual factors categorized as Qualitative, Quantitative, or Both.
- Transformation Criteria: Qualitative scores can be transformed based on specific criteria, allowing for customization in score derivation.
- Different Scoring Methods: The predefined formulas include methods such as Sum, Minimum, Maximum, Average, Product, and Weighted Average for both qualitative and quantitative scores.
Key Outcomes
By utilizing these scoring formulas, ServiceNow customers can expect to achieve a clearer and more accurate assessment of risks within their organization. The ability to select and customize scoring methods allows for tailored risk evaluations that align with specific governance, risk, and compliance needs.
Group factors have multiple predefined formulae and each of them has a specific contribution to the scoring logic.
Predefined formulae scoring logic
Users can select one of the following predefined formulae to calculate the scoring for group factors. The scores are contributed by scores of manual factors that comprise a group factor and have factor contribution as Qualitative or Quantitative, or Both.
The qualitative scores calculated using the predefined formulae are transformed using the transformation criteria if the Transform qualitative score option is selected for the group factor.
The qualitative scores calculated after transformation will be derived using the Qualitative weighting of the group factor. For example, if the calculated score is 10 and the Qualitative weighting is 50%, then the final score for group factor will be calculated as 10 x 0.5 = 5.
- Sum
For Qualitative, this formula adds up the qualitative scores in an assessment instance. The scores are contributed by scores of manual factors that comprise a group factor and have factor contribution as either Quantitative or Both.
- Minimum
For Qualitative, this formula takes the minimum of qualitative scores in an assessment instance. The scores are contributed by scores of manual factors that comprise a group factor and have factor contribution as either Quantitative or Both.
- Maximum
For Qualitative, this formula takes the maximum of qualitative scores in an assessment instance. The scores are contributed by scores corresponding to the factors that a comprise a group factor and have factor contribution of either Qualitative or Both.
- Average
For Qualitative, this formula takes the average of qualitative scores in an assessment instance. The scores are contributed by scores corresponding to the factors that a comprise a group factor and have factor contribution of either Qualitative or Both.
- Product
For Qualitative, this formula multiplies qualitative scores in an assessment instance. The scores are contributed by scores corresponding to the factors that a comprise a group factor and have factor contribution of either Qualitative or Both.
- Weighted average
For Qualitative, this formula divides the sum of qualitative scores in an assessment instance by the sum of weights. The scores are contributed by scores corresponding to the factors that a comprise a group factor and have factor contribution of either Qualitative or Both.