A risk assessment tool is software that is designed to assist businesses in identifying threats, assess their severity and design efficient mitigation strategies. These tools can also be employed to improve internal communication process, document control and reduce operational costs.
Risk assessment software usually includes an array of numbers that help businesses visualize the probability of an event taking place and the potential impact. It could be as simple 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 may also choose to add a “weighting” feature to their risk matrix, where they assign a weighting to specific risks based on the importance of the issue.
For instance, when conducting the risk of a criminal (RAI) an investigator may consider the effect of reoffending on the offender’s family, employment and education, as well as their antisocial cognition and the age at the time of sentencing. However, the majority of RAIs are limited to predicting the risk of reoffending and don’t take into account the effect of supportive interventions like court-date reminders via text messages, on the risk.
It is often difficult to choose the best software for risk assessment, as there are many options available. It is crucial to take into account how much training you will require and whether the program can be integrated with other programs in your business. It is also important to consider whether your software can monitor and report on each element of the risk management process.