Basic Risk Assessment Template

Define the boundaries of the risk assessment process. Determine which areas or aspects will be included and excluded. Identify the specific goals and objectives to be achieved through the risk assessment. Consider the overall impact of the risk assessment on the organization.

Discover and list all possible hazards that could pose a risk to the organization. Analyze and include both internal and external hazards. Consider past incidents, industry standards, and expert opinions as sources of potential hazards.

Determine the people, assets, or resources that could be affected by the identified hazards. Consider employees, customers, physical infrastructure, data, and financial resources. List all the potential impact areas and their relevant stakeholders.

Assess the potential consequences or damages that could result from each identified hazard. Consider the severity of injuries, financial loss, reputation damage, or operational disruptions. Use a scale or rating system to quantify the impact of each hazard.

Evaluate the likelihood or probability of each identified hazard occurring. Consider historical data, industry statistics, expert opinions, or predictive models. Quantify the likelihood using a scale or rating system.

Combine the impact estimation and likelihood determination to calculate the overall risk level for each hazard. Use a risk matrix or formula to assign a risk rating or score. This will help prioritize and focus on the most critical risks.

Establish risk criteria or thresholds that define acceptable and unacceptable levels of risk. Compare the calculated risk levels for each hazard against these criteria. Identify which risks need immediate attention or further mitigation measures.

Brainstorm and identify potential measures or actions to reduce or eliminate the identified risks. Analyze the feasibility, effectiveness, and cost-benefit of each mitigation measure. Consider engineering controls, administrative controls, and personal protective equipment.

Develop a comprehensive plan outlining the specific steps, responsibilities, and timeline for implementing the identified risk mitigation measures. Ensure that the plan aligns with the organization's goals, resources, and constraints. Include strategies for monitoring and evaluating the effectiveness of the plan.

Execute the risk mitigation plan according to the defined timeline and responsibilities. Allocate necessary resources, communicate the plan to relevant stakeholders, and monitor the progress of implementation. Adjust the plan if required based on emerging challenges or changing circumstances.

Continuously track, measure, and evaluate the effectiveness of the implemented risk mitigation measures. Regularly review the risk indicators and performance metrics identified in the plan. Identify any gaps or shortcomings and take corrective actions as necessary.

Capture and record the findings, observations, and lessons learned throughout the risk assessment and mitigation process. Document the overall effectiveness of the risk mitigation measures and the achieved results. Use clear and concise language to ensure the information can be easily understood and referred to in the future.