A risk assessment tool is software that is designed to assist businesses in identifying dangers, evaluate their severity and formulate effective mitigation strategies. These tools can also be used to improve internal communication process, document control and reduce operational costs.
Risk assessment software often includes a matrix that helps businesses determine the likelihood of an event happening and its potential impact. It can be as easy as a grid of 3×3 or a 5×5 matrix but the best practice is an array that incorporates both likelihood and impact scores. Businesses can also add an «weighting feature» to their risk matrix. This lets them assign a different amount according to how important the issue is.
In evaluating a criminal-risk analysis (RAI), for example an investigator may take into account the effect that reoffending could have on the offender’s job, education, and family as well as the antisocial cognition of the offender as well as their age at the time they are sentenced. The majority of RAIs are limited in their ability to predict an individual’s risk of being reoffending. They don’t consider the effects of positive interventions, like text message reminders of court dates.
Selecting the right risk assessment tool can be difficult since there are many options on the market. When selecting a risk assessment program, it is important to consider how much training will be required and if the software can support other programs used by your company. Additionally, you need to consider whether the program is able to report and track each component of your risk management process.