Risk Assessment Tools

5 Risk Assessment Tools for Professional Use

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Running a company is a risky business, literally. Every decision you make can have positive or negative impacts on your business’s bottom line.

To make the right choices, you need to think about risk management. Managing risk is essential for planning, reducing uncertainty, and reducing loss.

How can you manage risks? The key is using the right risk assessment tools.

To learn more, here are some of the five best tools you can use for risk management.

1. Risk Matrix

One of the simplest, and most effective, risk assessment tools is a risk matrix. This is a tool that lets you assign values to various hazards and their probability of occurring.

You can use it to organize risks into low, medium, or high risk, and you can color-code it as well. Then, it’s easy to visualize which risks fall into the acceptable category.

One advantage of this tool is that it’s easy to make yourself, even without project management software.

2. Failure Modes and Effects Analysis

Are you familiar with Failure Modes and Effects Analysis (FMEA) charts? If not, these are great to use for working out the risk of failure when launching a new product or service.

It will also work out the causes why a certain product might fail, so run your new products through FMEA before launching—otherwise, it might not bring in profits.

3. Bowtie Model

Another tool you can use is the bowtie model. This works to mitigate risks associated with high-impact events.

It’s helpful to visualize how things might play out in high-risk environments.

When it comes to investing, how much do you know about taking risks to reap big rewards? Learn more here about the process.

4. A1 Tracker

A1 Tracker is a popular risk management software that you may want to try. It provides tools for real-time reporting of risks, all via web-based software programs.

It’s used by a wide range of industries, including insurance, project management, and HR. Most companies find it very user-friendly, including useful customer service.

5. Enablon

For an alternative software choice, try Enablon. It’s one of the most popular tools for businesses, as Enablon makes it simple to track risks.

You can use it to identify, document, and assess risks across multiple worksites, making it a top choice for large corporations.

Protect Your Business With These Risk Assessment Tools

If you want to run a profitable business, you need to take calculated risks. To make sure you’re on the right track, use some of these risk assessment tools to make decisions.

Risk management is an essential part of project management, so get your staff into the habit of using these tools as part of their daily tasks. While no business is without risk, you can maximize success by being smart about the risks you take.

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