A Risk assessment tool is software that is designed to assist businesses in identifying risks, assess their severity and design effective mitigation strategies. These tools can also be utilized to improve internal communications process, document control and reduce operational costs.
Risk assessment software typically includes the use of a matrix to 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 best practice calls for a matrix that has both likelihood and impact scores. Businesses may also choose to add a “weighting” feature to their risk matrix, where they assign a weighting to certain risks, based on the importance of the issue in question.
For example, when assessing a criminal risk assessment (RAI), an investigator may consider the impact of reoffending the family, employment and education, as well as their antisocial cognition and the age at sentencing. However, most RAIs are limited to predicting an individual’s risk of reoffending and don’t take into account the effect of supportive interventions like court-date reminders via text messages, on that risk.
Finding the best risk assessment tool can be a difficult task since there are numerous options on the market. When selecting the right risk assessment software, it is crucial to consider the amount of training required and whether or not the software is compatible with other programs your organization uses. Additionally, you need to be sure that the software has reporting capabilities and can monitor every aspect of your risk management process.