What are the four values leveraged for the Inherent and Residual Risk Score Types?

ServiceNow's GRC: Risk Management module uses four key values for both qualitative and quantitative risk scoring for Inherent and Residual risk assessments. These are Impact (the potential consequence of a risk event), Likelihood (the probability of the risk event occurring), Single Loss Expectancy (SLE - the monetary loss for a single event), and Annualized Rate of Occurrence (ARO - the frequency of the event per year). These inputs are used to calculate the overall risk score and the Annualized Loss Expectancy (ALE).

A. "Probability" is a synonym for Likelihood, but ServiceNow's standard terminology in the application and documentation is "Likelihood."
B. Annualized Loss Expectancy (ALE) is a calculated output (ALE = SLE ARO), not one of the four primary input values.
C. "Score" is the final calculated result of the risk assessment based on the inputs; it is not an input value itself.

- ServiceNow Product Documentation, "Risk assessment in GRC," (Tokyo). Details the qualitative (Impact, Likelihood) and quantitative (SLE, ARO) assessment methodologies.

- ServiceNow Product Documentation, "Risk scoring," (Tokyo). Explains how Impact and Likelihood values from risk assessment methodologies are used to calculate the qualitative risk score.

- ServiceNow Product Documentation, "Quantitative analysis in classic risk assessment," (Tokyo). Defines SLE and ARO as the key inputs for quantitative analysis.