A risk assessment tool is software that is designed to help businesses identify dangers, evaluate their severity and design efficient mitigation strategies. These tools can also help improve internal communication and documentation control procedures, while reducing operating costs.
A matrix is usually included in risk assessment software to help businesses visualize the likelihood of an event and its impact. It can be as easy as a grid of 3×3 or a 5×5 matrix, but the best practice is the matrix to include both impact and likelihood scores. Businesses can also opt to add a «weighting» feature to their risk matrix, where they assign a different value to certain risks based upon the importance of the issue in question.
For instance, when evaluating the risk of a criminal (RAI), an investigator might take into account the impact of reoffending the offender’s family, work and education as much as their antisocial cognition and the age at sentencing. However, most RAIs are limited to predicting the risk of reoffending and do not take into account the impact of interventions that support like https://www.probabilitynet.com/interaction-between-a-project-manager-and-developers court-date text-message reminders, on that risk.
Finding the best risk assessment tool can be a difficult task as many options are available on the market. It is crucial to think about the amount of training you’ll need and whether the software is compatible with other programs in your business. You should also determine whether the software is able to track and report on all aspects of the risk management process.