A risk assessment tool is a piece of software that aids businesses in identifying risks, evaluate their severity, and formulate mitigation strategies. These tools can also be used to improve internal communication processes, document control procedures and reduce operational costs.
A matrix is commonly used in risk assessment software to help businesses visualize the likelihood of an event and its impact. It could be as simple as a 3×3 or a 5×5 grid, and the best practice calls for a matrix with both impact and likelihood scores. Businesses may also choose to add an “weighting” feature to their risk matrix, in which they assign different values to specific risks based on the importance of the issue at hand.
For instance, when assessing the risk of a criminal (RAI), an investigator might consider the effect of reoffending on the family, employment and education, as well as their antisocial cognition as well as their age at the time of their sentencing. The majority of RAIs aren’t able to fully assess the ability to determine an individual’s probability of repeat offenders. They don’t take into account the impact of supportive interventions like text messages to remind people of court dates.
Selecting the right risk assessment tool can be a difficult task as many options are available on the market. When choosing a risk assessment program it is essential to think about how much training will be required and if the software can support other programs that your organization utilizes. Additionally, you need to be sure that the software has reporting capabilities and can track each component of your risk management process.