A risk assessment tool is a piece of software that aids businesses in identifying risks, evaluate their severity and develop mitigation strategies. Such tools can also improve internal communication and documentation control procedures, while also reducing operating costs.
Risk assessment software typically comes with an assessment matrix that allows businesses to visualize the probability of an incident occurring and the potential impact. It can be as simple as a 3×3 or a 5×5 grid, and best practice requires a matrix that has both impact and likelihood scores. Businesses may also choose to include a “weighting” feature into their risk matrix, where they assign a different weight to certain risks based upon the importance of the issue.
For instance, when assessing a criminal risk assessment (RAI) an investigator could consider the effect of reoffending on the offender’s family, employment and https://www.probabilitynet.com/jira-project-management-short-guide/ education, as well as their antisocial cognition and age at the time of sentencing. Most RAIs are limited in their ability to determine an individual’s probability of being reoffending. They do not consider the impact of supportive interventions like text message reminders of court dates.
It can be difficult to choose the right instrument for risk assessment since there are many options available. When selecting a risk assessment program, it is important to consider how much training will be required and whether or not the software will work with other programs used by your company. Also, you should determine whether the software is able to track and report on all aspects of the risk management process.