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The raging pandemic gives a single strong hint. Humans are crummy at understanding risk, assessing it, and making rational decisions based on it. We tend to become risk-averse and treat scenarios only when they ought to happen. But that is not a solution. Whether it’s a personal or business risk, it is better to assess and limit it in advance.
The essence of risk assessment
Risk assessment involves a dynamic and iterative process of identifying hazards and risk factors that can cause harm; analyzing and evaluating the risks associated with the identified hazards; and determining appropriate measures to control or eliminate the risks.
Building a business involves hard work, which ultimately gets rewarded with revenue and customer satisfaction. Nonetheless, to achieve this reward, you have to assess and overcome many risks. However, to effectively address the hazards in a business, you must first identify them. Here are the seven types of risks common for all businesses.
- Economic risk
- Compliance risk
- Financial risk
- Reputation risk
- Operational risk
- Competition Risk
- Security and fraud risk
There is no question that risk assessment is the responsibility of a company’s management. But in circumstances where management does not have a reliable risk assessment program, it can be strenuous to put an effective control system in place. To help your business create a vigilant risk assessment process, we have shared five structured steps. Besides, we have also included our meticulous risk assessment templates, four with each step. So utilize them and dodge the bullet.
1. Identify hazards
A risk can impact your company’s financial strength and positive image. Think about the risks from your perspective, considering your group goals and objectives. You can consider anything from insurance risk to operational risks. Besides, you can also include the risks in which rating agencies and regulators have shown interest. After the identification, share the hazards with your management using these exclusive template designs.
Risk assessment is paramount for a business as it is an integral part of an occupational health and safety plan. Pick this complete deck to assess your organization’s hazards and prepare a robust plan to mitigate them. Download and use it multiple times.
Identify the probability of occurrence for risk with this well-designed template. This invigorating design aims to identify risks for an organization and then remove or minimize them by applying control measures. Therefore, grab it right away!
The compliance assessment system measures inherited risks present in a business line or factors in any process. Pick this template and identify the hazards present in your business. Download it and protect your company from financial, organizational, and reputational risks.
This template depicts a variety of mechanisms that an enterprise can use to estimate the likelihood or the prevalent forms of corruption. You can download it and edit it as per your company’s risk information.
2. Identify the risk owners
Choose the most appropriate person (risk owner) to monitor and manage the risks. Let them assess the risks and identify the associated controls. Besides, they also need to check for control breaches and risk appetite within their associated area of responsibility. Help them share this information with other employees utilizing these well-structured templates.
Rather than practically identifying risks, utilize this template to identify the methods that should be used, the people involved, and the documents that are important in the assessment process. Download it and administer your risk methodology.
Pick this risk assessment template to share a case study with your organization. It comes in a completely editable layout. So grab it, edit, and present now!
This template can be used by risk owners to innovatively pose the current and potential future risks associated with the organization. It can also exhibit the level of severity of the risk or hazard. Therefore, download it and access it in PPT and PDF formats.
Risk owners can take advantage of this matrix template to determine the threat level by considering the category of likelihood against severity. This template is designed by our team of professionals. Therefore, download and employ it in your company’s risk presentation without any hesitation.
3. Identify the controls to mitigate or eliminate the risks
Work with the risk owners and identify the “controls in place” that can be used to minimize and eliminate the risks. For example, the investment guidelines can help to diminish the “equity risks''. Therefore, each control should be assigned a responsible person. These templates will surely help in your endeavors.
It is paramount to monitor the economic risk scenarios for a banking system, such as interest rate shocks, FX movements, loan losses, stock price changes, and more. Utilize this PPT and form strategies to manage or mitigate these risks. Download it without any hassle.
This is yet another risk assessment template that highlights the consequences of insignificant hazards. It is a resourceful tool that any business entity can download. Thus, grab it and incorporate information about the risks faced by your organization.
Jot down the types of risks associated with your organization and their impact probability with this template design. Pick the ones on high alert and create a scoring record. Download and use it for any business vertical.
Exploit the smart art illustrated in this template to highlight the different steps of the risk assessment process. You can also include the five steps mentioned in this blog. The design is easy to edit. Therefore, download now and let your team do the rest.
4. Assess the risk impact
A company’s risk calculation is based on its own evaluation of the tradeoff between risk and return. Assessing the financial impact of risk can help management determine whether the company is operating in its risk appetite and should accept, reject, or reduce the risk. Determine the results by employing these well-researched template picks.
Use this design to determine the factors that contribute to risks, such as legal, work culture, predictable conditions, economic, social, and more. Download this template to prioritize these factors and elucidate their impact.
This template is a great risk assessment tool representing the 5-step methodology, including characterization, threat assessment, vulnerability assessment, risk evaluation (impact), and treatment. Therefore, grab it immediately.
Assess and reduce the impact of various risks by incorporating this risk mitigation template. The design depicts different factors that need to be considered while reducing the probability of risk. Therefore, download and use it at your convenience.
This is yet another risk assessment deck with 45 uniquely curated templates. You can download it to identify and prioritize the risks by determining their impact on the organization. The template has a handy format, so grab it instantly.
5. Review regularly
Risk assessment should be conducted by every business on at least an annual basis; and frequently in case there is a substantial change in the company’s risk profile. Beware! Risk and its definitions may develop and change from year to year. Therefore, a review is paramount for updating your risk assessment process. Sketch out an invigorating process with these handpicked templates.
Evaluate the impact of risks on your business projects with our PPT templates. They host multiple features, of which flexibility tops the list. Therefore, download the design and edit it as per your project information. Also, you can use it later for regular reviews.
Choose this template and bring together your organization’s personnel to identify threats, critical risks, and impacts while pursuing the overall mission and objectives. You can download it to establish a new and improved risk assessment process for your company. Therefore, grab it now.
Design a risk assessment chart with this exclusive template. The creative bundle already illustrates three critical steps: hazard identification, vulnerability assessment, and impact analysis. Download right away and add it to any presentation.
Select this template to develop a continual cyclic process including risk assessment, decision making, and implementation of controls. This will result in acceptance, mitigation, or avoidance of risk. Download and use it to conduct regular reviews as well.
No business can completely eliminate all the risk factors; however, proactive planning can help. Awareness is the light that will help you save money and time while protecting the trust, reputation, and customer base that you have worked so hard to accomplish. Our templates will indeed act as a tunnel to reach that light!
PS: Despite the number of safety guidelines you set in place, it will be of no use if you do not share them with your employees. To recognize the possible hazards of your working environment, check out our top work safety templates here.