What Is Risk Assessment?
Risk Assessment is the process of identifying, evaluating, and computing the levels of risks for a certain situation.
- Security Risk Assessment.
Whether you have a commercial enterprise, treat patients, or command a military unit, this process will help you to make sure that your workplace or location is safe and all individuals involved are protected from various dangers. Whenever you prepare for a particular activity (especially if it is something new for you and your organization or team, something you have never tried before), you should carry out a proper Risk Assessment to take care of the wellbeing of all individuals and equipment. Additionally, without proper control, you may encounter financial losses - not only loss of anticipated profit, but also fines and civil actions.
Consider performing a Risk Assessment for the following reasons:
- Check how effective are the control measures already in place.
- Implement additional measures in areas where the risk remains and is considered to be more than insignificant or minor.
- Prioritize resources in the future to be able to minimize the effects of hazards.
See our library below for a full list of Risk Assessment templates.
How to Do Risk Assessment?
There are five steps to a Risk Assessment Process:
- Find out which issues your employees and subordinates face;
- Identify people who might be at risk - not only those who work for you but also customers, patients, and other individuals;
- Take direct action against the hazards;
- Make records of the main findings using a customized Risk Assessment Template;
- Review your actions, discuss them with appropriate administrators and managers, and think about precautions to avoid similar situations in the future.
The documents below will help you to develop a Risk Assessment for your organization or military division:
- IT Risk Assessment Template. This document will allow you to keep track of all possible risks your information technology faces every day - protect yourself from security breaches, hackers, and malware.
- HIPAA Risk Assessment Template. To comply with the Health Insurance Portability and Accountability Act, you need to complete this template to reduce the possibility of violations in your medical practice.
- Business Risk Assessment Template. Identify potential hazards your company faces. They may range from intangible to tangible - you may have to face a financial crisis or fix broken smoke detectors in your office.
- Vendor Risk Assessment Template. Use this document when performing due diligence and investigating potential business partners, suppliers, and major clients.
- DD Form 2977, Army Risk Assessment. This worksheet allows servicemembers to record the hazards they encounter during a mission or task and undertake steps to address and eliminate those risks.
- NIST Risk Assessment Template. Compose this report if you need to follow guidelines established by the National Institute of Standards and Technology, determine risks and their likelihood, and control the threat sources and events.
What Is a Risk Assessment Matrix?
A Risk Assessment Matrix is a visual tool designed to evaluate the potential risks of the project or work and its probability. Using this instrument, you will be able to identify what could go wrong and see the potential damage. Once you implement this matrix, you can decide what your priorities are and what action can be taken to keep your work or project on course with all the safety measures.
Generally, a Risk Assessment Matrix contains levels of risk probabilities (unlikely, possible, certain) and their consequences (insignificant, minor, moderate, major, critical). The likelihood of hazards can also be measured in percentage ranges (for instance, 0-25%, 26-50%, 51-75%, and 76-100%). This way, it is possible to see the implications of decisions you make and their severity - financial impacts and influence on human life, especially if your line of work is dangerous. The figures you receive after your calculations will help you to gain more insight into the risk, and you can discover what must be done to minimize it and prevent this occurrence in the future.
Haven't found the form you are looking for? Take a look at these related templates: