https://www.probabilitynet.com/risk-assessment-in-business-by-data-room/

A Risk assessment tool is software designed to help businesses identify threats, evaluate their severity, and devise effective mitigation strategies. These tools can also help improve internal communication and documentation control procedures, while reducing operating costs.

Risk assessment software often includes the use of a matrix to help businesses understand the likelihood of an incident occurring and the impact it could have. It could be as simple as a 3×3 or 5×5 grid, and the best practice calls for a matrix with both impact and likelihood scores. Companies can also include an “weighting” feature to their risk matrix, in which they assign a different weight to certain risks, based on the importance of the issue.

For instance, when conducting a criminal risk assessment (RAI) an investigator may consider the effect of reoffending on the family, employment and education, as well 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 returning to the scene. They don’t consider the impact of supportive interventions such as text message reminders of court dates.

Finding the best risk assessment tool can be a challenge since there are many options on the market. It is important to think about how much training you will require and whether the program can be used with other programs in your business. In addition, you should check if the program is able to report and track each component of your risk management process.