A risk assessment tool is a piece software that assists businesses in identifying threats, evaluate their severity and devise mitigation strategies. Such tools can also improve internal communication and documentation control procedures, while also reducing operating costs.
Risk assessment software typically includes the use of a matrix to help businesses assess the probability of an event taking place and the potential impact. It could be as simple as a 3×3 or a 5×5 matrix, however, the best practice is a matrix that includes both the likelihood and impact scores. Businesses may also choose to add a “weighting” feature to their risk matrix, where they assign a different weight to certain risks based on the importance of the issue in question.
For example, when assessing a criminal risk assessment (RAI), an investigator could consider the impact of reoffending the family, employment and education, as well as their antisocial cognition as well as their age when determining their sentence. Most RAIs aren’t able to fully assess the ability to determine an individual’s probability of being reoffending. They don’t take into consideration the effect of supportive interventions like text messages to remind people of court dates.
Selecting the right risk assessment tool can be a challenge as many options are available on the market. It is essential to take into account the amount of training you’ll require and whether the program can be used with other software in your company. Additionally, you need to check if the program has reporting capabilities and can track each component of your risk management process.