A risk assessment tool is a piece of software that aids businesses in identifying threats, assess their severity and develop mitigation strategies. These tools can also be employed to improve internal communication, document control procedures and reduce operational costs.
A matrix is usually included in risk assessment software to help companies visualize the likelihood of an event and its impact. It could be as simple as a grid https://www.probabilitynet.com/interaction-between-a-project-manager-and-developers of 3×3 or a 5×5 matrix, however, best practice suggests an array that incorporates both likelihood and impact scores. Companies can also include an “weighting” feature into their risk matrix, in which they assign a different weight to specific risks based on the importance of the issue in question.
For instance, when evaluating the criminal risk assessment (RAI) an investigator might take into account the impact of reoffending on the family of the offender, their employment, and education as well as their antisocial cognition and the age when determining their sentence. However, most RAIs are only able to predict the risk of reoffending and do not take into account the effect of supportive interventions such as court date reminders via text messages, on the risk.
It isn’t easy to select the best instrument for risk assessment since there are so many options available. When choosing a risk assessment program, it is crucial to think about how much training will be required and if the software is compatible with other programs used by your company. Additionally, you need to check if the program can provide reporting capabilities and keep track of every element of your risk management process.