can risk type, liklihood or impact values be customized (risk profiles)?

Brett,

We do our risk management in RTC and we're able to customize this kind of thing. I don't recognize your screenshot though. We don't use the Formal Project Management process template. I think we started from one that was provided out-of-the-box, but we've customized it pretty extensively at this point. Here' s a screenshot of one of the presentations for our risk work items:

In the screenshot above, our impact is an enumeration from 1 to 10 and our probability (analogous to your "likelihood") is an integer from 1 to 99. Your Risk Type sounds like our Risk Category which we've chosen to make a multi-value select attribute with 4 enumerations: Cost, Schedule, Performance, Safety.

There are additional fields outside of this screenshot, but these are the ones that are most unique to the Risk work item that we've defined. I should think that you would be able to define your own attributes and presentations to capture these values too.

I'm not sure why you're being told this isn't possible. I must be missing something.