A Risk assessment tool is a program that was designed to help businesses identify risks, assess their severity and design efficient mitigation strategies. These tools can also enhance internal communication and document management procedures, while reducing operating costs.
Risk assessment software usually includes the use of a matrix to help businesses visualize the probability of an event occurring and its potential impact. It can be as easy as a grid of 3×3 or a 5×5 matrix, however, best practice suggests a matrix that includes both the likelihood and impact scores. Businesses can also add an “weighting feature” to their risk matrix. This allows them to give a different value according to how important the issue is.
In evaluating a criminal-risk analysis (RAI), for example an investigator might consider the effect that reoffending could have on the offender’s work or education level, as well as their family members as well as the antisocial cognition of the offender as well as their age at the time of sentencing. However, the majority of RAIs are limited to predicting the risk of reoffending and don’t take into account the impact of interventions that support such as court date text-message reminders, on that risk.
It can be difficult to choose the best tool for risk assessment as there are so many options available on the market. When selecting a risk assessment program it is essential to think about how much training will be required and if the program can be used with other programs your organization uses. In addition, determine if the software is able to report and keep track of every element of your risk management process.