Rating Strategies

Purpose 

Rating strategies allow organisations to configure risk matrices by integrating various factors such as project-specific risks, custom risk types, and different rating methodologies (e.g., Inherent, Residual, ALARP).  

This enables a tailored, flexible, and scalable approach to risk evaluation, aligning with enterprise-wide and project-specific priorities. 

Advantages

• Customisability: Configure risk matrices for various projects, custom types, and rating combinations (e.g., Risk Inherent matrix can be configured different from Risk Residual matrix within the same project, etc.). 
• Scalability: Apply consistent risk evaluation across multiple projects. 
• Reusability: Reuse the same matrix dynamically across different rating strategies, minimising redundancy. 
• Alignment with Organisational Goals: Ensures risk ratings reflect enterprise-wide and project-specific priorities. 

Step-by-Step Guide to Add a New Rating Strategy

1. Navigate to Admin > Rating Strategies. 
   
   

   
   

    
   
   
2. Identify the appropriate risk custom type within the Rating Strategies page, eg. If you wish to add a rating strategy for ‘Risk’, navigate to the ‘Risk Rating Strategies’ as shown below. 
   
   
   
    
3. To create a new Rating Strategy: Click the ‘Add’ button within the appropriate ratings strategies section and select a Rating Type (e.g., Inherent)
   
   
   
   
   
   
4. Complete the ‘Add Rating Strategy’ form: 
   • Title: Name the strategy. 
   • Matrix: Choose the risk matrix to be used. 
   • Rating Style: Defines how the rating appears. Default includes severity, likelihood, and associated risk levels. 
   • Rateable Custom Type: Automatically set based on the selected custom type. 
   • Rating Custom Type: Displays the selected rating type (read-only field). 
   • Default for Type – Makes this the default rating strategy for all new projects. I.e. all risks from the projects created thereafter will use this matrix for their Inherent Rating.  
   • Projects – Makes this the default rating strategy for the selected projects  
   • Apply to All Projects – Checking this applies the rating strategy to risks across all projects.   
     
     Note: Changing the rating strategy for a project will strike out previous risk ratings, as they no longer apply. 
     
     
   • Severity Focus / PMC: 
     • Severity Focus: Requires selecting a Likelihood Category before saving. 
     • PMC: Uses a predefined Likelihood Category, eliminating manual selection. 
       
       
        
       
       
5. Click the ‘Save’ button on top to apply the selected Risk Matrix to the specified projects and risk types. 

Common Issues & Troubleshooting

Why do I see rating strategies linked to the matrix I just created? 

• When a matrix is created, related rating strategies are auto populated based on the Risk Matrix, Custom Type, and Rating Type. Simply assign projects to these strategies to enable the matrix for rating risks linked to the project. 

 My project is not available for selection on the rating strategy page?

• The project may already be linked to another rating strategy. 
• Solution: Unlink it from its current rating strategy before assigning a new one. 

How do I check a project's current rating strategy?

• Open any risk linked to the project. 
• Click on the rating type (e.g., Inherent/Residual/ALARP). 
• The displayed matrix indicates the matrix in use 
• Go to Admin > Rating Strategies > Custom type subpanel (e.g. Risk/Opportunity) 
•  Within this section, the Matrix in use + Rating Type (e.g. Default Matrix - Inherent) determines the project's current rating strategy. 

Risk Ratings are struck out after changing the strategy, is this expected? 

• Risks rated under a previous strategy will have their ratings struck out. 
• Solution: Re-rate the risks using the new matrix to align with the updated strategy.