A risk assessment tool is a piece software that aids businesses in identifying risks, evaluate their severity, and formulate mitigation strategies. These tools can also be utilized to improve internal communications processes, document control procedures and reduce operational costs.
Risk assessment software usually includes the use of a matrix to help businesses assess the probability of an event occurring and the potential impact. It could be as easy as a 3×3 or a 5×5 grid, and the best practice requires a matrix with both likelihood and impact scores. Some companies also decide to include a “weighting” feature to their risk matrix, in which they assign different values to certain risks based upon the importance of the issue in question.
In evaluating a criminal-risk analysis (RAI) for instance, an investigator may consider the impact that reoffending can have on the offender’s employment and education as well as family members as well as the antisocial cognition of the offender as well as their age at sentencing. The Going Here majority of RAIs are limited in their ability to predict an individual’s risk of being reoffending. They do not take into account the impact of positive interventions, like text messages reminding of court dates.
It can be difficult to choose the right software for risk assessment, as there are a myriad of alternatives available. When choosing the right risk assessment software, it is crucial to think about how much training will be required and if the software can support other software that your company uses. You should also determine whether the software is able to track and report on each element of the risk management process.