A risk assessment tool is a piece of software that aids businesses in identifying threats, assess their severity, and formulate mitigation strategies. Such tools can also improve internal communication and control of documentation procedures, while also reducing operating costs.
Risk assessment software typically includes a matrix that helps businesses visualize the probability of an event occurring and its potential impact. It could be as simple as a 3×3 or a 5×5 matrix, however, the best practice is an array that incorporates both likelihood and impact scores. Companies can also include the «weighting» feature into their risk matrix, in which they assign a different weight to certain risks based on the importance of the problem at hand.
For instance, when conducting the criminal risk assessment (RAI) an investigator could consider the impact of reoffending the offender’s family, work and education as much as their antisocial cognition and age at the time of their sentencing. The majority of RAIs aren’t able to fully assess the ability to predict an individual’s risk of being reoffending. They don’t take into account the impact of interventions that support the offender, such as text messages reminding of court dates.
Finding the best risk assessment tool can be difficult because there are a lot of options on the market. It is important to consider the amount of training you’ll require and if the software can be used with other software in your company. It is also important to determine if your software can track and report on all aspects of the risk management process.
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