Risk Assessment Tools
A risk assessment tool is a program that was designed to assist businesses in identifying threats, assess their severity and develop effective mitigation strategies. These tools can also be utilized to improve internal communications process, document control and reduce operational costs.
Risk assessment software usually includes a matrix that helps businesses determine the likelihood of an event occurring and the impact it could have. It could be as easy as a 5×5 or 3×3 grid, and best practice requires a matrix that has both impact and likelihood scores. Businesses can also add an “weighting feature” to their risk matrix. This lets them give a different value according to how important the issue is.
For example, when assessing the criminal risk assessment (RAI), an investigator could consider the impact of reoffending the family of the offender, their employment and education, as well as their antisocial cognition as well as their age at the time of their sentencing. Most RAIs are limited in their ability to predict an individual’s risk of returning to the scene. They do not take into consideration the effect of positive interventions, like text messages to remind people of court dates.
Finding the best risk assessment tool can be a challenge since there are numerous options on the market. When choosing an assessment tool, it is crucial to consider how much training will be required and if the software will work with other programs that your organization utilizes. It is also important to consider if your software can track and report on each element of the risk management process.