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A risk profile is a grading of the level of threats to which an organisation is exposed.
A Risk Profile can be visualised as a RAG Status within Gatekeeper - assigning the colour Red, Amber or Green depending on the level of risk.
Assignment of colour depends on what your business’s priorities are - this could include performance, compliance or criticality to business.
Contract management software can also be used to assign a Risk Score to contracts and vendors.
Once a certain Score is reached, risk mitigation activities can be triggered.