When planning an event or project, there will always be uncertainties. These are the possible issues with the plans that you identify. Out of these uncertainties you get threats (risks) to your organisation / event, and opportunities.
The risk itself is not the uncertainty, but rather the impact of the uncertainty. For example, Coronavirus is an uncertainty; the risk is the cancellation of an event because of a lockdown or national ban. As a result, you should categorise risks by Impact Type (reputational, financial, strategic etc) because each type of impact of the uncertainty should be a separate risk. However, you might create one risk for the whole uncertainty, in which case you can select multiple Impact Types.
Impact Types can be added when you create a Risk and monitored in the Risk Details Page. They can therefore form part of your Strategy for dealing with your risk, issue or opportunity, and inform upon the Actions that you set out.
To set up new selectable Impact Types, admin users should navigate to Settings > Planning > Other Risk Settings, and go to ‘Edit Impact Types’. There are six default Impact Types, of ‘Security’, ‘Reputational’, ‘Planning’, ‘Operational’, ‘Legal’, and ‘Financial’. You can delete any of these and add your own by clicking ‘Add’.