risk assessment report assignment

Risk Assessment Report Template

Identify and describe the context of the assessment, identify potential risks associated with the context, determine the likelihood of each risk.

• 5 Very high
• 1 Lack of training
• 2 Inadequate resources
• 3 Poor communication
• 4 External dependencies
• 5 Unreliable technology

Estimate the impact of each risk

• 1 Negligible
• 5 Catastrophic
• 1 Financial loss
• 2 Reputation damage
• 3 Operational disruption
• 4 Legal implications
• 5 Health and safety risks

Calculate the risk level

Prepare draft of risk assessment report, approval: risk analysis report.

• Prepare draft of Risk Assessment Report Will be submitted

Identify viable mitigation strategies for high-level risks

Estimate the cost of implementing each mitigation strategy, identify responsible parties for implementing mitigation strategies, prepare final risk assessment report, submit the report to relevant parties, create an action plan to address identified risks, approval: action plan.

• Create an action plan to address identified risks Will be submitted

Track implementation of mitigation strategies

Review and update the risk assessment report annually, approval: annual review and update of report.

• Review and update the risk assessment report annually Will be submitted

Document lessons learned

Develop a plan for continuous risk assessment, end of risk assessment report template process, take control of your workflows today., more templates like this.

Risk Assessment Report

When it comes to assessments , we often picture a series of questions that are given by teachers, guidance counselors, or even psychologists, in a way that they use the answers we give would affect the results of the assessment. However, an assessment can also be used for companies and for businesses. What we mean is that when you want to assess the possible risks that could happen to a business, company, community, or organization. As we know, we cannot predict where risks may come or go or when these kinds of risks may appear just about anywhere and at any time. This is why making a risk assessment and making a report should be a priority when it comes to knowing and understanding what these risks are and how to eliminate them. 

Picture this kind of scenario . Your organization is going through a lot of issues regardless of the times you plan on making things work. However, the issues you are facing are the risks that could affect the projects or even the people working on these projects. To get to the bottom of this, you assess the risks that you noticed. Once you have done so, making the report and handing it over is the next step to getting these risks out of the way. With that, here are some 10+ examples of risk assessment reports.

10+ Risk Assessment Report Examples

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What Is a Risk Assessment Report?

A risk assessment repor t is a document that summarizes the entire assessment and the evaluation of the risk. This report gives information about the possible risks and those who may be affected by it. In addition to that, a risk assessment report gives a general overview of the assessment done, the evaluation done, the possible solutions for the type of risk, and the overall solution. Of course, those who are responsible for writing the report would also know more about the risks that the organization or the company may be facing.

Moving to the purpose or the importance of a risk assessment report, we all know that when we write reports, the key elements or the key information should be present at all times. The same goes for this kind of report. The main reason for writing this report is to make sure that you get to address all the risks that may destroy or threaten your business, company, or organization. The fact that these risks are going to be resolved by simply writing the risk assessment report and handing it over to the head of your organization or company. 

How to Write a Risk Assessment Report?

Making a report is as important as what you are going to be writing in the report. With that, here are your tips when it comes to writing a risk assessment report.

1. Add a Convincing Title to Your Report

Just as you would write an essay, a story, or even a report, always add a convincing title. This is to catch the person’s attention as well as to be able to give a good view of what you may be reporting. Convincing titles are enough, so avoid fancy titles as they do not give your report any credibility or seriousness.

2. Give a Short but Detailed Introduction

Write a short but detailed introduction about your report. Do not however immediately begin by stating the problem or the solution of your risk assessment. This would be done in the middle or body of your report. Your introduction serves as a way to give out what you are going to be showing about your risk assessment report.

3. Stick to the Facts from the Assessment

From the body of your report, you begin by stating the risk assessment , the process of the assessment, and the results. Stick to the facts that you got from this. Do not fabricate any of the facts or evidence that you may have taken out from the assessment and evaluation. The whole point is to know how severe or mild the issue is and not to make your report look pretty.

4. Make the Solutions for Each Risk

The conclusion of your report should be the solutions for each of the risks. These solutions should be doable and possible. An impossible solution for a risk does not help solve it. It only makes it worse and bigger than the original problem. Think about simple solutions for risks that can be found on a daily basis and start from there. The bigger the risk, the more complicated your solution will be, and you may need to seek professional help for that.

5. Review Your Report

As mentioned in the first tip, just as you are going to be writing an essay or a story, or even a report, the best thing you can do is to always review. There is nothing wrong with reviewing and proofreading your report. It only means that you know that this document is classified as a professional document and should also be treated as such. This means that you need to be careful with how you may want to word your report and how you can get your ideas and points across.

What is a risk assessment report?

A professional document that states the summary of the results of the risk assessment being done in order to figure out the types of risks that may be present.

Is there someone who is assigned to write the report?

There is a person who is assigned by the company or the organization to handle this type of report.

When should you begin writing your risk assessment report?

Once the risk assessment is finished, it is best to begin writing the report. As you are going to be explaining the steps being made to reach the point of the result of the assessment. The fresher the memory, the better results and the better details you can write.

It goes without saying writing reports is crucial. The information that you take from either observing or making notes to make the report a success is also important. When it comes to writing risk assessment reports, you have to make sure that all your details and information are placed in the report as this is where they are going to be taking into consideration the risks that need to be addressed. The best way to do so is to list all the risks, their severity, and the solutions.

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A complete guide to the risk assessment process

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Reading time: about 7 min

Mark Zuckerberg, the founder of Facebook, once said, “The biggest risk is not taking any risk. In a world that's changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

While this advice isn't new, we think you’ll agree that there are some risks your company doesn’t want to take: Risks that put the health and well-being of your employees in danger.

These are risks that aren’t worth taking. But it’s not always clear what actions, policies, or procedures are high-risk. 

That’s where a risk assessment comes in.

With a risk assessment, companies can identify and prepare for potential risks in order to avoid catastrophic consequences down the road and keep their personnel safe.

What is risk assessment?

During the risk assessment process, employers review and evaluate their organizations to:

• Identify processes and situations that may cause harm, particularly to people (hazard identification).
• Determine how likely it is that each hazard will occur and how severe the consequences would be (risk analysis and evaluation).
• Decide what steps the organization can take to stop these hazards from occurring or to control the risk when the hazard can't be eliminated (risk control).

It’s important to note the difference between hazards and risks. A hazard is anything that can cause harm , including work accidents, emergency situations, toxic chemicals, employee conflicts, stress, and more. A risk, on the other hand, is the chance that a hazard will cause harm . As part of your risk assessment plan, you will first identify potential hazards and then calculate the risk or likelihood of those hazards occurring.

The goal of a risk assessment will vary across industries, but overall, the goal is to help organizations prepare for and combat risk. Other goals include:

• Providing an analysis of possible threats
• Preventing injuries or illnesses
• Meeting legal requirements
• Creating awareness about hazards and risk
• Creating an accurate inventory of available assets
• Justifying the costs of managing risks
• Determining the budget to remediate risks
• Understanding the return on investment

Businesses should perform a risk assessment before introducing new processes or activities, before introducing changes to existing processes or activities (such as changing machinery), or when the company identifies a new hazard.

The steps used in risk assessment form an integral part of your organization’s health and safety management plan and ensure that your organization is prepared to handle any risk.  

Preparing for your risk assessment 

Before you start the risk management process, you should determine the scope of the assessment, necessary resources, stakeholders involved, and laws and regulations that you’ll need to follow. 

Scope: Define the processes, activities, functions, and physical locations included within your risk assessment. The scope of your assessment impacts the time and resources you will need to complete it, so it’s important to clearly outline what is included (and what isn’t) to accurately plan and budget. 

Resources : What resources will you need to conduct the risk assessment? This includes the time, personnel, and financial resources required to develop, implement, and manage the risk assessment. 

Stakeholders: Who is involved in the risk assessment? In addition to senior leaders that need to be kept in the loop, you’ll also need to organize an assessment team. Designate who will fill key roles such as risk manager, assessment team leader, risk assessors, and any subject matter experts. 

Laws and regulations: Different industries will have specific regulations and legal requirements governing risk and work hazards. For instance, the Occupational Safety and Health Administration (OSHA) sets and enforces working condition standards for most private and public sectors. Plan your assessment with these regulations in mind so you can ensure your organization is compliant. 

5 steps in the risk assessment process

Once you've planned and allocated the necessary resources, you can begin the risk assessment process.

Proceed with these five steps.

1. Identify the hazards

The first step to creating your risk assessment is determining what hazards your employees and your business face, including:

• Natural disasters (flooding, tornadoes, hurricanes, earthquakes, fire, etc.)
• Biological hazards (pandemic diseases, foodborne illnesses, etc.)
• Workplace accidents (slips and trips, transportation accidents, structural failure, mechanical breakdowns, etc.)
• Intentional acts (labor strikes, demonstrations, bomb threats, robbery, arson, etc.)
• Technological hazards (lost Internet connection, power outage, etc.)
• Chemical hazards (asbestos, cleaning fluids, etc.)
• Mental hazards (excess workload, bullying, etc.)
• Interruptions in the supply chain

Take a look around your workplace and see what processes or activities could potentially harm your organization. Include all aspects of work, including remote workers and non-routine activities such as repair and maintenance. You should also look at accident/incident reports to determine what hazards have impacted your company in the past.

Use Lucidchart to break down tasks into potential hazards and assets at risk—try our free template below.

2. Determine who might be harmed and how

As you look around your organization, think about how your employees could be harmed by business activities or external factors. For every hazard that you identify in step one, think about who will be harmed should the hazard take place.

3. Evaluate the risks and take precautions

Now that you have gathered a list of potential hazards, you need to consider how likely it is that the hazard will occur and how severe the consequences will be if that hazard occurs. This evaluation will help you determine where you should reduce the level of risk and which hazards you should prioritize first.

Later in this article, you'll learn how you can create a risk assessment chart to help you through this process.

4. Record your findings

If you have more than five employees in your office, you are required by law to write down your risk assessment process. Your plan should include the hazards you’ve found, the people they affect, and how you plan to mitigate them. The record—or the risk assessment plan—should show that you:

• Conducted a proper check of your workspace
• Determined who would be affected
• Controlled and dealt with obvious hazards
• Initiated precautions to keep risks low
• Kept your staff involved in the process

5. Review your assessment and update if necessary

Your workplace is always changing, so the risks to your organization change as well. As new equipment, processes, and people are introduced, each brings the risk of a new hazard. Continually review and update your risk assessment process to stay on top of these new hazards.

How to create a risk assessment chart

Even though you need to be aware of the risks facing your organization, you shouldn’t try to fix all of them at once—risk mitigation can get expensive and can stretch your resources. Instead, prioritize risks to focus your time and effort on preventing the most important hazards. To help you prioritize your risks, create a risk assessment chart.

The risk assessment chart is based on the principle that a risk has two primary dimensions: probability and impact, each represented on one axis of the chart. You can use these two measures to plot risks on the chart, which allows you to determine priority and resource allocation.

Be prepared for anything

By applying the risk assessment steps mentioned above, you can manage any potential risk to your business. Get prepared with your risk assessment plan—take the time to look for the hazards facing your business and figure out how to manage them.

Now it's time to create your own risk management process, here are five steps to get you started.

Lucidchart, a cloud-based intelligent diagramming application, is a core component of Lucid Software's Visual Collaboration Suite. This intuitive, cloud-based solution empowers teams to collaborate in real-time to build flowcharts, mockups, UML diagrams, customer journey maps, and more. Lucidchart propels teams forward to build the future faster. Lucid is proud to serve top businesses around the world, including customers such as Google, GE, and NBC Universal, and 99% of the Fortune 500. Lucid partners with industry leaders, including Google, Atlassian, and Microsoft. Since its founding, Lucid has received numerous awards for its products, business, and workplace culture. For more information, visit lucidchart.com.

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1st February, 2023

How To Write A Risk Assessment In 5 Minutes

Risk assessments are a legal requirement and are needed in practically every business of every size. Writing your risk assessments can be time-consuming, you need to go through your activity step by step, but we can help you write your risk assessment in just 5 minutes.

This post might take you a little over 5 minutes to read. But it will be time well spent because, by the end, you will know:

• how to write a risk assessment
• how to speed up the process
• and some free tools you can use to get started

Risk assessments are a legal requirement needed in every business of every size. Every employer (and self-employed person) should complete risk assessments to comply with health and safety regulations.

But a risk assessment should be much more than a document or paperwork. The aim of your risk assessment is to reduce the risks arising from the activity or task you are assessing as low as is reasonably practical .

If you have 5 or more employees, it's a legal requirement to write down your risk assessment. Even if you don't have 5 or more employees, writing down your risk assessment is good practice. It shows you have completed your risk assessment. And you may be asked for it by clients, your team, and others.

The risk assessments you produce help you to communicate and manage the risks involved in your work. They can often be used as the subject of the safety briefing, or toolbox talk - carried out before the activity takes place.

Risk assessment is more than paperwork

It's easy to think that a risk assessment is just paperwork. But it's so much more than that. Risk assessment is a process .

Yes, you should finish with a risk assessment document.

But this written document is a record of the risk assessment process. It is not the process.

A detective will get back to her office and write up a record of what people have told her and what evidence she's found. The paperwork isn't the work - it's a record of the work. You are like that detective, but you're hunting for hazards instead of criminals!

This blog post will show you how to write a risk assessment in 5 minutes, however, the actual writing of the risk assessment is only 20% of the risk assessment process.

It is step 4 of the 5 steps to risk assessment .

So, before you get to writing the risk assessment, you need to carry out the first 3 steps, which are:

• identify the hazards
• decide who might be harmed and how
• evaluate the risks to decide on precautions

A common mistake people make with risk assessments is to dive straight into the paperwork, without going through the earlier stages. This slows down the process and often leaves you with a document that isn't sufficient for the task.

Don't start writing your risk assessment until you have covered the first few steps. Otherwise, you are skipping over 50% of the work!

So before we start writing, let's quickly cover the first 3 steps to risk assessment. If you are unfamiliar with risk assessment and want a more detailed look, check out the 5 steps to risk assessment .

What you need to know to write a risk assessment

To complete your risk assessment document, you will need to know some essential information about the task you are assessing.

What are the hazards?

Hazards are the first thing you need to know before you write your risk assessment. Because the first section of your risk assessment will list the - you guessed it - hazards.

To identify hazards, look at how the activity is carried out, the tools used, the work procedure, and the environment. Familiarise yourself with the work and how it is completed. Are instructions and method statements being followed? Are shortcuts being taken? If so, why?

This is where you become like a detective because you can't see hazards from your desk. You need to check the environment where the task happens and speak to the people involved.

Those carrying out the activity (if you are not directly involved in the task) will be able to provide valuable information on the work and any challenges or problems encountered.

Who is at risk?

Before you can protect people, you need to know who might be harmed by the work - and how.

Consider who could get hurt. Is it just those completing the work, or are other staff, visitors, or even the public at risk, if things go wrong?

What controls are needed?

Once you have a good idea of the hazards involved and who might be harmed, you can begin to evaluate the risks - considering the likelihood of harm occurring, and how serious the consequences could be.

Now, you can decide on the precautions that would be appropriate, to lower the level of risk and keep your workforce and others safe.

And you can put all this information together to write the risk assessment!

How to write your risk assessment

Now you have the information gathered from the first three steps of the risk assessment process, you can finally start writing the risk assessment!

And this is where you should already notice the benefits of your preparation. Because you have a list of:

• people at risk
• controls needed

And this is all the information you need. The risk assessment document is a record of significant findings from your risk assessment process (that you have just done!).

How you write your risk assessment is up to you, but you need to include all the necessary information about the hazards and how to control the risk.

Here's an example for a spill hazard:

Hazard : Spillages

Risk : Workers could slip over

Controls : - All spillages are cleaned up immediately - Spills kits available - Wet floor signage provided - Workers wear non-slip footwear

Most activities involve several hazards, and you should list them all in your risk assessment document.

Remember, you're not writing a letter, so break down large sections of text into lists or instructions. Use headings, tables, and layouts so that the people reading your assessment can understand and follow it.

You can use the free risk assessment template to get an easy-to-follow layout for each section.

How long does a risk assessment take?

It depends.

The time it takes will depend on the complexity of the activity, how many people are involved, how familiar you are with the tasks and the team, and if it involves any unusual hazards.

Sorry, we can't give you an exact time, but a risk assessment is important - you shouldn't rush it.

We promised to show you how to write one in 5 minutes, and we will get to that shortly. Yes, there are some shortcuts you can take, to help you speed up writing your risk assessment.

But first remember, writing your risk assessment is only part of the risk assessment procedure.

Risk assessments can be time-consuming because you need to go through your activity step by step (see the 5 steps to risk assessment ).

You need to consider the hazards, people, the harm that could occur, and the controls needed to ensure the task or activity will be carried out safely. And that takes time before you can put pen to paper (or keyboard to screen).

And is a risk assessment ever really finished? After you have written your document, you will need to regularly review your risk assessment and update it as necessary.

How to write risk assessments quickly

Ok, we know what a risk assessment is, and what the 5 steps are, so now how can you write one in 5 minutes?

There are a couple of tools you can use to help speed things up:

• Risk assessment calculator
• Risk assessment templates

Wondering how to calculate and measure risk can slow you down when you need to assess multiple hazards - because much of risk measurement is down to the assessor's opinion.

The free risk assessment calculator helps you measure and prioritise your risks. You quickly know which controls to focus on, and the risk list can be copied across into your assessment.

Use templates

Writing a risk assessment from scratch in 5 minutes might be a little tricky, but you can use templates to reduce the time spent on the less important stuff, like picking a layout, adding business details and making things look pretty.

If you are worrying less about how to make your risk assessment look good, you can spend more time on the important content, like hazards and controls.

You can create templates as generic risk assessments that you can adapt for each project or site you work on.

To help you and your team reduce the time spent writing health and safety documentation, our health and safety experts prepare hundreds of ready-to-use health and safety documents, including risk assessment templates . You can use these templates in your business and adapt them to your activities.

Risk assessment templates can save you time because:

You no longer need to worry about the layout

You get a standard layout for the risk assessment, following best practices like the 5 steps to risk assessment .

If you have ever started creating a document from a blank sheet, you know how much time you can end up spending just deciding how to split the document up into sections, layout, tables etc.

Templates tell you what information is required

The template has each section and header ready to go.

• Risk levels
• People at risk

It's ready for you to enter your task-specific details where they are needed.

Information is pre-completed

Generic information for the task and controls needed are all pre-completed for you, so you can just make your edits, and add site-specific details .

You can choose from a variety of pre-completed risk assessments for activities such as groundwork, joinery, refurbishment, plumbing, from underground drainage to roof installation.

Using a pre-completed template makes writing your risk assessment in 5 minutes easy, just:

• Use the free risk assessment calculator to measure risk
• Choose a risk assessment template to get started.
• Add your business name and project details.
• Edit the template to add any additional project-specific details as required.
• Download your finished risk assessment.

Want to start from scratch? We can still help you reduce the time you spend on your paperwork. You can download a blank risk assessment template for free to help you get started.

Need help with your risk assessments? We have a large library of risk assessment templates you can edit and use for your business activities.

This article was written by Emma at HASpod . Emma has over 10 years experience in health and safety and BSc (Hons) Construction Management. She is NEBOSH qualified and Tech IOSH.

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Introduction to Risk Assessment in Project Management

Project Management Institute’s (PMI) inclusion of risk management skills in multiple PMI certifications indicates the importance of risk across industries and in all projects. The risk management process includes risk identification and risk assessment. During an assessment, the project manager uses standard risk tools and quality data to help the team better avert later problems, manage the project cost, and keep project work on schedule. Risk assessment is the process by which the identified risks are systematically analyzed to determine their probability of occurrence and the potential impact of that occurrence.

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What is a risk assessment?

What are risk assessment pmp and risk reassessment pmp, when is a risk assessment needed, why is a risk assessment important, example use of risk assessment: hurricane impacting town, what inputs are needed for a risk assessment, what is a risk data quality assessment pmp, what outputs does a risk assessment generate, how to create a risk assessment, risk assessment matrix, risk assessment best practices, risk assessment pmp and risk reassessment pmp.

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Learn how to manage risk in every project.

Project teams use risk assessment, a qualitative measure using risk data and the parameters of probability and impact, to identify, categorize, prioritize, and manage risks before they happen.

A “risk reassessment” is the work done to update the original risk assessment due to changes in the project or overall risk management efforts.

For the original and subsequent assessments, the quality of data used to determine the impact directly correlates to the accuracy of the risk assessment and resulting decisions.

Project Management Professional (PMP)® credential holders have shown their knowledge of a risk assessment and their understanding of the high cost of a failure to do a risk assessment. For the PMP certification exam, students need to know the importance of a risk assessment and how to use a probability and impact scoring matrix to help inform the priority of the risk.

Within the PMP exam context, “risk assessment PMP” and “risk reassessment PMP” are informal terms referring to taking identified risks and assessing them using qualitative data, such as the probability of occurrence, to determine the potential impact. From that, project managers determine the risk score, which is an input to subsequent risk response activities.

Risk identification should happen early in the project , closely followed by the risk assessment. Project teams should conduct risk reassessment throughout the life of a project. Updating the risk register is a good reminder to update the corresponding risk assessment. The project’s scope and risk management plan will inform how frequently the reassessment should be conducted (projects of bigger scope should have more reassessments; similarly, smaller scope requires fewer reassessments).

Performing a risk assessment is critical to ensuring the success of a project because it puts the project team in a state of preparedness. When done with verified tools and quality inputs, risk assessment may take time but can prevent problems from negative risks and enable opportunities from positive risks. As shared in the PMI conference paper Risk Assessments—developing the right assessment for your organization , “The best project organizations are those who realize that a risk assessment template is a valuable asset in managing the organization’s bottom line.” Risk assessment connects to managing cost, timelines, and quality.

For an example of how a risk assessment can be used, we use the example of a small municipality located on the east coast of North Carolina. The coastal town has been impacted by natural disasters in the form of hurricanes several times in the past fifty years. A hurricane is a storm that starts in the ocean and moves inland, causing all levels of flooding, electrical storms, and damaging winds. The National Weather Service provides annual forecasts of which geographic regions are predicted to have hurricanes, as well as the number of occurrences and strength of hurricanes.

The town manager (“project manager”) and the town administration (“project team”) know a hurricane will happen but not when or how strong it may be. In the risk category of weather events, the project manager and project team identify the risk type of hurricane storm. Then the project team identifies specific potential risks, such as flooding that may cause building damage. The team assesses each risk in terms of probability (or how likely it is to occur), the impact if it occurs, and the probability-impact score (weighing the significance of the risk on the project). The information is captured in a risk assessment matrix as part of the project management and risk management documentation.

For example, they do a risk assessment after the project manager and team identify the risk of water damage to downtown buildings due to hurricane-induced flooding. The team uses standard tools to determine the probability of that specific risk (flooding) and the impact if it occurs (water damage to buildings). The project team uses verified data, like National Weather Service hurricane projections, for probability estimates. For the potential impact, the project team uses cost and quality data like town records to determine what could happen to town property. The data and risk scoring are organized in the project risk assessment matrix and communicated to stakeholders.

Continuing our example of the identified risk of water damage to ground floors, if the assessment indicates the risk is highly likely to occur with a high impact of damage, it will have a higher risk score. That can mean more time invested in risk response planning (such as securing funding to buy and store sandbag materials during flooding to reduce the impact of water damage on buildings). The risk response plan would likely include purchasing sandbag materials before a hurricane, storing them in an accessible space, and training the town staff to set up the sandbags to protect critical buildings when a hurricane is imminent. The cost of buying and storing sandbag materials to protect the buildings is much lower than the cost of fully repairing water-damaged buildings.

In this risk example, the project team:

• determined the appropriate risk categories (natural disasters)
• determined the types within the category (hurricane storms)
• identified a risk event (hurricane bringing flooding to downtown buildings),
• assessed the impact of that risk (flooding damages ground floors),
• assessed the probability of the impact (flooding may be higher or lower but always occurs with hurricanes),
• documented the risk information, including risk scores in the risk assessment matrix,
• communicated the risk assessment results to the team and stakeholders, and then
• used the risk assessment matrix as an input for risk response planning (making sandbag materials available when needed and training people to set them up).

With this example, you should see the risk assessment allows the project team to identify, categorize, prioritize, and mitigate/avoid/exploit risks prior to their occurrence. A risk assessment is a proactive approach in which the risk is identified and assessed to manage cost, reduce negative impact, and protect the project (in this example, town buildings).

A risk assessment should be customized to fit the project context. Standard risk assessment inputs include:

• Project management plan
• Risk management plan
• Risk assessment methodology
• Risk parameter definitions
• Risk tolerance levels
• Risk probability and impact matrix template
• Risk assessment scale (what criteria are used to determine if the risk score is high, mid, or low)
• Risk assessment matrix template

Project managers and project management students use what is informally referred to as the “assessment of other risk parameters PMP” to tailor their risk assessment to a specific project. While probability and impact values are used in all risk assessments, additional parameters, like cost or schedule, can be standalone matrices.

Risk assessment is a qualitative assessment. Therefore, risk data quality (sometimes referred to as “risk data quality assessment PMP”) always impacts the risk assessment quality. A risk data audit helps ensure the quality of data used in the risk assessment. Project managers may use experts or previous project documentation as part of the risk data quality assessment to ensure the accuracy of the overall risk assessment.

The risk assessment outputs are part of the overall project and risk management documentation. A risk assessment can generate the following:

• Project Management Plan updates
• Project document updates
• Risk Management Plan updates
• Risk Register updates
• Risk Response Plan updates

Risk assessment should occur throughout the project. With each iteration, known as a risk reassessment, the risk documentation should be updated accordingly.

For the PMP exam, students need to know the importance of a risk assessment and how to use a probability and impact scoring matrix to help inform the priority of the risk. Project Managers and PMP credential holders should know the seven steps to risk assessment.

1.      Identify applicable risk types and organize them

You cannot assess risk if you have not identified it. Begin your risk assessment with risk identification. With your project team, identify potential scenarios that could harm your project. Risks can be of any size and with internal or external triggers. Your team may identify risks that include computer viruses, manufacturing defects, natural disasters, or shipping delays. Each risk is identified and documented in the risk register. The risk may be organized by different factors (internal or external triggers, for example) or by categories (environmental, regulatory, technology, or staffing, for example).

2.      Determine how these risks will be qualified and quantified

With risks identified and organized, the project manager should conduct a risk assessment. Each risk must be qualified and quantified. The project manager will use a probability and impact matrix to document the probability of each risk and the impact if it does happen. Remember, the quality of the data used in the assessment impacts its accuracy.

3.      Determine your organization’s risk tolerance

Every organization has a risk tolerance level, with variances due to the type of risk, the specific stakeholders of a project, and the scope of the project. Additionally, there are industries with negligible risk tolerance (such as health care) and others with an acceptance of some level of risk (like software development). While every organization has a risk tolerance level, so the project manager should get stakeholder input to determine risk tolerance for each project.

4.      Determine the final output format of the risk assessment

Within the risk management activities, determine during the risk planning process how the risk assessment output should be documented and communicated. Spreadsheet programs are often used for the ease of organizing large data sets. However, a company may have risk assessment output requirements, such as storing it on a secure server or capturing it in a shareable file, determining the output format. How the risk assessment output is documented is important because it determines how the information is made available to the project team and stakeholders.

5.      Create a plan to maximize the risk assessments applicability to every project

Within a risk assessment and the resulting risk response plan, project managers have a wealth of knowledge that can protect the active project and future projects.

Project managers should have a plan to document the risk assessment, the result of risk responses applied to risks that occur, and the risk assessment matrices with the appropriate risk parameters. Maintaining a consistent and detailed project documentation archive helps ensure a project’s lessons learned are available to other project managers with similar projects, which can reduce the impact of negative risks. The plan should include documentation format requirements, how assessment documentation will be accessed, and how the assessment (and reassessments) will be communicated to the project team and stakeholders.

6.      Create a final risk assessment that is flexible and scalable

Knowing the project manager and team will be doing reassessments throughout the project as part of risk reassessment, the process must be flexible and scalable. You may have to add risks throughout the project or incorporate other criteria to ensure the accuracy of the probability and impact scores. Additionally, the risk assessment should work for projects of different scopes. The risk assessment should be flexible enough to remain aligned with project changes and scalable enough to be used in multiple projects.

7.      Determine the process to update the risk assessment

PMP credential holders know the importance of risk assessment and reassessment in managing the project cost. Without a process to update risk assessments, the project is vulnerable when risks occur. Changes are inevitable, and a risk assessment that is not current is not effective. Project managers should have a consistent risk assessment update process within their overall risk management activities.

Risk management documentation, such as the risk assessment matrix, is part of the overall project management documentation. The risk matrix documents at least four core areas for each identified risk: (1) risk name, (2) probability, (3) impact, and (4) risk level/ranking. The risk assessment also includes the calculated overall Project Risk score (the project’s probability-impact, or PI, score). The risk assessment matrix is an output of the Risk Assessment process and an input to the Risk Response process.

In a risk assessment matrix, each identified risk is listed along with its corresponding information.:

RISK CATEGORY

• Risk category : from a standardized list of risk categories (e.g., technology, natural disaster, regulations, transportation, etc.), the ones that most closely align with the project are used; not all projects have risks in all categories; therefore, each project will have a different combination of risk categories in its matrix

PROBABILITY

• Probability criteria : used to assign the probability values for a risk category; criteria should come from a standardized list but customized for each project
• Probability (“P”) score : a value given to each risk driven by the probability criteria; the matrix’s score scale will state the parameters for the minimum and maximum value of a P score; the project manager and project team use data and criteria to assign the P score to each risk
• Impact criteria : used to assign the impact values for a risk category; criteria should come from a standardized list but customized for each project
• Impact (“I”) score : a value given to each risk driven by the impact criteria; the matrix’s score scale will state the parameters for the minimum and maximum value of an I score; the project manager and project team use data and criteria to assign the I score to each risk

PROBABILITY AND IMPACT VALUES

• Probability-to-Impact (“PI”) score : the Probability score multiplied by the Impact score results in the PI score; the PI score is the overall risk assessment score; the PI score is used to rank all project risks by lowest probability and impact to highest, so resources are assigned accordingly
• Total Project Risk : all PI scores are added, and then that sum is divided by the quantity (total number of risks) of risks to determine the average; the project’s PI average value of PI scores is the Total Project Risk value.

Probability and impact are integral data points for risk assessment. Project risk tailoring occurs within the specifics of the risk categories, probability criteria, and impact criteria.

Risk Assessment Matrix Example

Project Manager Kestel’s PMI conference paper “ Risk assessments—developing the risk assessment for your organization ” includes an example risk assessment matrix:

From the completed risk assessment matrix, the project manager communicates the total Project Risk score to the team and stakeholders. Communication is part of risk assessment and helps ensure commonly understood terms are used for standardized risk assessment processes.

The risk matrix template ensures key data is consistently defined and included in the project documentation. For a risk matrix , project managers work with the project team and stakeholders to determine the specific risk criteria and refine the criteria for probability and impact. The format of the risk matrix should be determined early in the project and use company standards for project tools when available. The risk matrix should be stored with other project documentation, along with all risk reassessments for a project.

Project managers should complete the risk assessment as part of their risk management activities for all projects. Best practices for risk assessment include:

• Risk assessments should use quality data.
• Risk assessments incorporate expertise and knowledge from the project team and stakeholders.
• Risk data should undergo an audit to determine quality.
• Risk reassessment is conducted frequently throughout the life of a project.
• Risk assessments should use tailored and scalable tools.
• Risk assessment results, including the overall project risk score, are communicated to the team and stakeholders.

Project Managers should:

• lead the risk assessment efforts using standard tools
• customize the risk assessment matrix to the specific needs of the project,
• document the probability and impact of each risk,
• use standard data and terms for risk audit efforts, and
• communicate risk assessment progress and results to the project team and stakeholders.

Project managers should customize the risk assessment criteria to the project type. For example, you would not assess the risk of a particular weather event occurring using the criteria for the probability of manufacturing defects.

Additionally, project managers should use organizational templates and project management office (PMO) standards when available in their company. Customization of a project’s risk assessment should be balanced against the need for standards to contribute to knowledge sharing. No single tool will ensure quality assessment for all projects, but there are standards shared by all projects.

To prepare for the PMP exam, students need to know the importance of risk assessment and how to use a probability and impact scoring matrix to help inform the priority of the risk. Students should understand that a risk assessment is a tool to help manage the project’s cost by closely monitoring highly probable and high (negative or positive) impact risks.

American billionaire fund manager and philanthropist Bruce Kovner is credited with saying, “Risk management is the most important thing to be well understood.” A project manager with the PMP credential has demonstrated knowledge of risk assessment and the role it serves within risk management. Remember these components of creating a risk assessment:

• identify applicable risk types and organize them
• determine how risks will be qualified and quantified
• determine your organization’s risk tolerance
• determine the final output format of the risk assessment
• create a plan to maximize the risk assessment’s applicability to every project
• create a final risk assessment that is flexible and scalable
• determine a process to update the risk assessment

Project Managers managing risk using a scalable risk assessment template and standard processes consistently have successful projects. In addition to earning PMI’s Project Management Professional (PMP) certification, you may continue your certification journey by pursuing the PMI Risk Management Professional (PMP-RMP)® certification to advance your risk project management skills further.

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Free Risk Assessment Form Templates and Samples

By Andy Marker | July 29, 2020

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In this article, you’ll find the most useful collection of expert-tested, professionally designed risk assessment templates in Word, PDF, and Excel formats.

Included on this page, find risk assessment form templates for general risk assessments , workplace risk assessments , project risk assessments , event risk assessments , and more, and learn how to conduct a risk assessment .

General Risk Assessment Form Templates

Sample risk assessment form.

Use this sample risk assessment form to identify risks by type (e.g., financial, legal, or reputational). The customizable form includes space to provide a risk description, source, existing control measures, and risk level, as well as a section to detail a risk mitigation action plan, if you need to take further action.

Download Sample Risk Assessment Form

Word | PDF | Smartsheet

Basic Risk Assessment Template

Use this risk assessment template to track and log risks and hazards, resources impacted, existing control measures, and the probability and impact of each risk. There is also space to add prevention measures and ownership, as well as the status of control measures to ensure you’re implementing controls in a timely manner.

Download Basic Risk Assessment Template

Excel | Smartsheet

Risk Assessment and Control Template

This risk assessment and control template provides a high-level view of potential risks and hazards. Add a description of control measures, the frequency of controls, and the party responsible for ensuring that all up-to-date controls are in place.

Download Risk Assessment and Control Template

Excel | Word | PDF | Smartsheet

Hazard Identification and Assessment Plan

This two-part template contains a tab with an action plan to identify hazards, with room to assign roles and responsibilities, key dates, and pertinent information. Use the second tab to assess and classify the identified hazards, describe the person(s) impacted, note instituted control measures, establish a plan for further controls needed, and assess the status of implementing those controls.

Download Hazard Identification and Assessment Plan Template

Workplace Risk Assessment Form Templates

Job risk assessment template.

Use this risk assessment template to classify jobs by department, project, or another relevant category. Track hazards associated with each job, the resources impacted, existing control measures, and the probability and likelihood of each risk, according to existing security measures. If you require further action, use the allotted space to create an action plan by adding additional prevention measures, actions to take, ownership, and the status of preventative actions.

Download Job Risk Assessment Template

Excel | PDF | Smartsheet

Work-Related Stress Risk Assessment Form Sample

This customizable, work-related stress risk assessment form serves as a framework for those in management or leadership positions to identify, consider, and assess sources of stress among their team. Use this form as a checklist to identify potential stressors pertaining to job demands, team support, change management, and more. There is also room to identify potential risks, solutions, and pertinent information to help mitigate risks associated with work-related stress.

Download Work-Related Stress Risk Assessment Template

Workplace Hazard Risk Assessment Template

Use this template to identify and assess risks related to a specific job or workplace activity. List identified risks, affected parties, existing measures, and risk ratings according to likelihood and severity. There is also space to create an implementation plan with assigned roles and status for each applicable hazard.

Download Workplace Hazard Risk Assessment Template — Excel

Working at Heights Risk Assessment Form

Use this customizable risk assessment form to uncover risks and hazards associated with the nature of work performed at dangerous heights. The template includes a checklist, so the assessor can mark observations and take notes pertaining to the safety of the work area and equipment. There is also room to detail existing control measures, responsible parties, and any recommendations the assessor has to further mitigate risks and hazards.

Download Working at Heights Risk Assessment Form Template

Operational Risk Management Template

This operational risk management template is ideal for creating a list of risks, the rate and cost of annual incidents, probability of risk occurrence, and associated mitigation and control costs. Once you enter those values, built-in formulas will automatically calculate the annual cost, weighted annual cost, and cost/benefit value. This information is useful for developing cost-effective risk mitigation and control strategies.

Download Operational Risk Management Template

Excel | PDF

Construction Risk Assessment Form Templates

Construction risk assessment template.

This construction risk assessment template comes with a built-in matrix for identifying and categorizing common construction project risks. Determine the severity and likelihood of each risk, and then assign the respective party to develop control measures to address and mitigate them.

Download Construction Risk Assessment Template

Excel | Word | PDF

Construction Project Risk Assessment Template

Use this customizable template to categorize risks associated with each phase of a construction project. Detail the risk and impact description, and then assign a probability and level value based on the provided key. The built-in formula will automatically calculate the risk score, which enables you to assess the situation and take appropriate action.

Download Construction Project Risk Assessment Template

Excavation Risk Assessment Form Template

Use this risk assessment template to describe hazardous risks associated with excavation during a construction project. Identify persons impacted by potential risks, determine risk levels, and develop an action plan to minimize the probability and effects of identified risks. There is also space to assign plan ownership, add due dates, and note status in order to keep the plan on track.

Download Excavation Risk Assessment Template

Excel | Word |  PDF

Welding Risk Assessment Template

Use this welding risk assessment to identify and assess the implications of hazards for a specific welding project. Detail the necessary steps to mitigate risks and hazards, assign task ownership, set key dates, and track progress of your mitigation control action plan. 

Download Welding Risk Assessment Template — Excel

Project Risk Assessment Form Templates

Project management risk assessment template.

Use this risk assessment template to evaluate and manage risks associated with a project. List hazardous project activities, describe the associated risks, and then add severity, likelihood, and risk levels with existing controls measures. Next, re-evaluate risks post-mitigation to determine if it is safe to proceed with project activities.

Download Project Management Risk Assessment Template

Business Project Risk Assessment Sample Template

Use this risk assessment sample template to identify and organize potential risks for each phase of a business project. Detail how each risk impacts time, costs, and resources with existing mitigation measures in place. Then, enter the risk probability and impact level values, and the template will automatically calculate the risk score. This template includes an action plan to assign additional tasks and ownership to help minimize risks with a higher score.

Download Business Project Risk Assessment Sample Template

Travel Risk Assessment Form Templates

Travel risk assessment form template.

Use this travel risk assessment form template to evaluate risks associated with travelers, planned destinations, and anticipated excursions during a trip. This template provides space to list the names and contact information for each traveler, along with the latest guidelines and recommendations for areas to visit that may have political, economic, sanitary, or other implications. You’ll also find a customizable risk management action plan and assessment questionnaire.

Download Travel Risk Assessment Form Template

Word | PDF  

Pre-Travel Risk Assessment Form

This customizable pre-travel risk assessment form is perfect for travelers to complete and submit to their designated healthcare provider prior to taking a trip. Use this template to document details regarding the dates, purpose, and anticipated areas of travel during a trip, along with medical conditions, medications, allergies, and other medical information a doctor can assess prior to authorizing patient travel.

Download Pre-Travel Risk Assessment Form

Fire Risk Assessment Form Templates

Fire risk assessment form template.

Use this customizable risk assessment form to examine potential fire hazards, or other issues that could cause safety concerns during a fire. This form serves as a checklist to evaluate all fire detection and alarm systems on the premises, current fire escape procedures, fire fighting equipment, and more, to account for potential dangers, risks, and safety concerns. 

Download Fire Risk Assessment Form Template

Office Fire Risk Assessment Form Template

Use this office fire risk assessment form template is to identify potential hazards, persons at risk, and control measures in the event of a fire. Use this checklist to ensure you’ve safely secured combustible items, established fire escape routes, and properly trained all staff on fire safety procedures. There is also space to detail an action plan with activity ownership and deadlines to put additional control measures in place.

Download Office Fire Risk Assessment Form Template

Church Fire Risk Assessment Form Template

Use this fire risk assessment form to evaluate the potential risks and mitigation control measures associated with a church fire. Provide details regarding the layout of your church, occupancy rates during various services, designated locations of vulnerable occupants at risk, and background information related to previous fire incidents. This template also comes with a customizable checklist to ensure that you’re testing detection and alarm systems, escape procedures, and fire fighting equipment regularly, and that everything is working properly.

Download Church Fire Risk Assessment Form Template

Hazardous Substance Risk Assessment Form Templates

Hazardous substances risk assessment form.

Use this risk assessment form to identify potential hazards related to the use of a specific substance and to list existing control measures (e.g., air quality monitoring, ventilation, PPE) to help mitigate associated risks. There is also space to include a recommended action plan to improve health and safety measures for personnel working with the hazardous substance.

Download Hazardous Substances Risk Assessment Template

Hazardous Substance Identification, Assessment, and Control Plan Template

Use this customizable template to identify and classify hazardous substances by type (e.g., powder, liquid, gas), with room to detail the quantity and purpose of use. This template also contains a checklist to convey the hazards associated with each substance, methods of containment and disposal, prevention and control measures, level of risk, and more. 

Download Hazardous Substance Identification, Assessment, and Control Plan Assessment Template

Event Risk Assessment Form Templates

Event risk assessment template.

Use this customizable template to identify and classify potential risks for an event. You can categorize event risks by type (e.g., activity, environment, technical) to determine the probability and severity of a specific occurrence. Detail existing control measures to mitigate each risk and decide if you need to take further action.

Download Event Risk Assessment Template

Fundraising Event Risk Assessment Form

This simple fundraising event risk assessment form provides space to list event activities, accompanying risks, and persons impacted by risks. Assign a risk level to each potential hazard, and then detail control measures, ownership, and completion dates to ensure a risk mitigation plan is in place prior to event launch.

Download Fundraising Event Risk Assessment Form Template

Event Management Risk Assessment

This risk assessment template can help you evaluate and manage potential risks for all aspects of an event, including general risks, traffic management, emergency stations, food services, hazardous chemicals, and more. Assess the probability and potential severity of an incident to determine its risk level, and then establish control measures prior to the event.

Download Event Management Risk Assessment Template

Vendor Risk Assessment Form Templates

Vendor risk assessment template.

Use this customizable template as a third-party risk assessment to pinpoint and evaluate security vulnerabilities related to a vendor. Use the provided rating key to assign a color-coded risk level to specific criteria and include other pertinent information. Use this template to determine if you require further action to mitigate vendor risk.

Download Vendor Risk Assessment Template

Excel | PDF  | Smartsheet

Vendor Risk Assessment Questionnaire Sample Form

Use this questionnaire as a starting point for evaluating security risks associated with vendors. Detail the type of data a vendor can access, and use the included checklist to select policies and measures related to physical and data center security, malware security, network infrastructure security, and more. At the bottom of the template, there is also space for the risk assessor to sign and date the form.

Download Vendor Risk Assessment Questionnaire Sample Form

For additional resources, visit “ Free Vendor Risk Assessment Templates .”

Health and Safety Risk Assessment Form Templates

Health and safety risk assessment template.

Use this risk assessment template to assess and classify hazards related to biological, chemical, environmental, machinery, and other potential risks that impact health and safety. Select the impact, probability, and risk level for each hazard, and then establish control measures to reduce risk severity and likelihood. You can also document the activity details and purpose, and have the assessor and approving official add signatures.

Download Health and Safety Risk Assessment Template

Oxygen Risk Assessment Form

Use this risk assessment form to evaluate a patient’s lifestyle and living conditions to determine if a home oxygen prescription is feasible. This template provides a checklist to identify physical risks (e.g., mobility challenges, vision impairment), lifestyle risks (e.g., smoking, alcohol addiction), and environmental risks (e.g., living in a building with multiple occupancy, cooking with a gas stove) to determine if benefits outweigh the risks for home oxygen.

Download Oxygen Risk Assessment Form

School Risk Assessment Form Templates

School risk assessment template.

Complete this customizable school risk assessment template to uncover potential risks for various categories, including school recreation areas, building access, culture, communications, and more. Detail associated hazards, the likelihood and severity of an occurrence, and risk level with existing control measures in place. There is also space to add comments and further actions required to reduce the probability and impact of a risk.

Download School Risk Assessment Template

School Trip Risk Assessment Form

Use this risk assessment form template to identify potential risks that can occur during a school trip. Detail the purpose, destination, and dates of a planned school trip at the top. Then, write a description of potential risks and hazards with a high severity, persons impacted, and the probability and risk level using the provided key. Assign control measures for each risk, as needed, and provide any additional information that can help minimize risk during the trip.

Download School Trip Risk Assessment Form

Student Project Risk Assessment Form

This customizable risk assessment form is ideal for evaluating the level and impact of risks associated with a school project. Add the student’s information and project details at the top, and then list and assess hazards that may occur due to the risks identified. Establish and note control measures in the space provided to help reduce the level and severity of risks. There is also room to provide an assessment conclusion, with lines for signatures at the bottom for the assessor, student, and supervisor.

Download Student Project Risk Assessment Form

Other Risk Assessment Form Templates

Financial risk assessment template.

Use this customizable risk assessment template to pinpoint and classify financial risks associated with various categories, including marketing, human resources, operations, products and services, and any other department. The template has space for you to identify the risk source, describe the potential impact, and select the probability and impact of each risk using the provided keys. There is also a matrix to identify the risk level and determine next steps.

Download Financial Risk Assessment Template

Security Risk Assessment Form

This security risk assessment template is useful for identifying risks related security, including policies and procedures, administrative securities, technical securities, and more. Detail the impact description, likelihood, and risk level, and then assign actions and track the status of existing control measures.

Download Security Risk Assessment Template

IT Risk Assessment Template

This IT risk assessment template comes with a built-in matrix to assign a severity, likelihood, and impact level to each identified risk. Organize risks by type, determine which assets are impacted, identify risk triggers, and add remediation strategies to help lower the internal and user impact of risks.

Download IT Risk Assessment Template

Science Experiment Risk Assessment Form

Use this customizable template to assess risks associated with a science experiment, including the equipment and tools used to conduct the experiment. Add details at the top of the template, and then list the items needed to execute. Use the space provided to include the item’s purpose, potential hazards, and standard handling procedures. Then, assess the experiment by listing risks related to a specific activity; identify probability, impact, and level of risk using the provided key; and establish control measures to mitigate risks and hazards.

Download Science Experiment Risk Assessment Form

For more free resources, visit “ All the Risk Assessment Matrix Templates You Need .”

Purpose of a Risk Assessment

Conducting a risk assessment creates awareness of potential risks and hazards associated with a particular vendor, job, project, or event. A risk assessment is an integral part of a risk management plan, and helps measure the probability and impact of an occurrence.

Once you identify potential risks and hazards and consider the impact and probability of each, you can assess existing control measures to determine if further mitigation actions are necessary. The ultimate goal of the risk assessment process is to create a safer and healthier environment and experience for those who could be impacted by hazards associated with identified risks.

Steps to Conduct a Risk Assessment

Follow these steps to conduct a thorough risk assessment to create a safer workplace, experience, or event:

• Identify and classify potential risks or hazards that may cause physical, mental, chemical, or biological harm.
• Determine the groups of people at risk of being harmed.
• Assess the impact, likelihood, and risk level with existing control measures in place.
• Determine if further action is necessary to mitigate the risks.
• Prioritize the risks by identifying those with higher impact and probability levels.
• Establish an action plan to mitigate risks with assigned roles and responsibilities. 
• Review your risk assessment regularly to determine if you need to take further action.

You can start identifying potential risks and hazards by performing a thorough inspection of the site where you’ll be conducting the work, or by visiting and researching the site where an event will take place. Gather insight from those with experience at the site by conducting interviews and surveys to uncover any past issues. In addition, be sure to consult with manufacturers, suppliers, and associations relevant to your industry to gather valuable safety and health information.

Benefits of Risk Assessment Software

Document, track, control, and review health and safety hazards in the workplace more effectively by using risk assessment and management software. Common benefits of utilizing software include the following:

• Built-in forms allow you to easily disseminate surveys to employees to gather information, and also enable employees to report risks they encounter in the field.
• Attach and submit relevant images and documents to the risk management system from multiple devices.
• Easily organize, classify, store, and track risks in a secure location.
• Store all safety policies and procedures in a centralized place that updates in real time, and ensure all necessary stakeholders have access to it.

To learn if your organization would benefit from risk management software, and how to choose the right software for your needs, visit “ How to Choose the Right Risk Management Software .”

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• How to Write a...

How to Write a Risk Assessment: Templates & Examples

Dec 15, 2021

Does your business have to carry out risk assessments?

Yes, is the short answer. The Health and Safety Executive (HSE) state that as an employer, you’re required by law to protect your employees, and others, from harm.

The Management of Health and Safety at Work Regulations 1999 sets a minimum requirement that businesses must

• identify what could cause injury or illness in your business (hazards)
• decide how likely it is that someone could be harmed and how seriously (the risk)
• take action to eliminate the hazard, or if this isn’t possible, control the risk

To meet your duty of care, you will need to carry out and document a risk assessment.

Find out if the rules apply to you if you are self-employed .

Whilst not necessarily required by law, it also makes sense to carry out risk assessments linked to the running of your business. Knowing the possible risks that could threaten your businesses survival puts you in the best possible position to deal with them should they arise.

How to write a risk assessment

If you’ve not written a risk assessment before, it can seem like a daunting task. But it doesn’t need to be. The HSE suggest taking a 5-step approach to writing a risk assessment.

• Identify hazards

Hazards can be thought of as things in the workplace which may cause harm. Take a walk around your workplace and identify things which have the potential cause harm – this could be things which could injure, or things which could pose a long-term threat to health– manual handling, loud noise, or workplace stress for example.

When it comes to hazards think about working practices, processes, substances, and activities which could cause harm. And when identifying the hazards, think about how they could cause harm to employees, contractors, visitors, or members of the public.

• Assess the risks

Once you have identified your risks, then think about the likelihood of them happening and how serious it would be if they did.

The HSE recommends thinking about:

• who might be harmed and how
• what you’re already doing to control the risks
• what further action you need to take to control the risks
• who needs to carry out the action
• when the action is needed by  
• Control the risks

Think about the steps you need to take to control the risks that you have identified.

The best possible outcome is that you can put controls in place which totally remove the identified risk. However, in many cases this just isn’t possible. So, you will need to think about the controls you can put in place to minimise the risks and the likelihood it will create harm.

Once you have identified the controls you need, put them into practice

• Record your findings

If you employ 5 or more people, then you must document the findings of your risk assessment.

You’ll need to include

• the hazards (things that may cause harm)
• what you are doing to control the risks

The HSE have created a risk assessment template to help you record your findings. And a quick Google search for ‘risk assessment template’ brings back multiple other template options which you may find useful and will mean you do not need to start from scratch.

• Review the controls

A risk assessment should not be thought of as a one time, box ticking exercise. It is important to that you review it on a regular basis. Make sure the controls you have identified remain appropriate and actually work in controlling the risks.

If anything changes in the way that you work (new staff, new processes, new premises etc) then make sure that you make a new assessment of the risks and work through the process listed above again.

COVID-19 is a good example of a new risk, requiring businesses to carry out COVID-19 specific risk assessments .

What type of risk assessment may your business need to carry out?

The obvious risk assessment that a business will need to carry out, and the one required by law referenced above, is linked to health and safety. Remember, you have a legal duty to protect your employees, and others, from harm

But there are also other risks which your business may face on a day-to-day basis, closely linked to your business success and survival.

So, you may need to carry out other risk assessments in areas such as:

• business continuity
• cyber security
• data security

You should be able to use the 5 principles above as a basis to writing any type of risk assessment.

Why your business should take risk seriously

Businesses face many risks in today’s environment. You just have to think of the shock which COVID-19 bought to the business world. And whilst it is one that we could not have foreseen, not giving enough time and effort to thinking about the risks your business faces and how you will respond if they should arise is a major risk to your business in itself.

At Anthony Jones we always say businesses should avoid falling into the trap of thinking ‘we would just….’ when it comes to risk management. The use of the word ‘just’ implies a level of simplicity in overcoming potential issues. But without prior thought, it is highly unlikely that you will have the answers to issues which may present themselves.

You also need to think about risk management when it comes to your insurance. Insurers are becoming increasingly selective, and we are seeing more requests for risk management information from insurers. They want to see how your business manages risk and how you are able to present this back can have a bearing on your ability to obtain the right insurance at the best possible price.

At Anthony Jones we focus on the areas of risk management with all of our clients. We work in partnership with Cardinus , a global risk and safety partner, to support our focus in this area. We can work with you to help you understand your business and attitude to risk and identify insurance covers which can offer protection. Get in touch with us on 020 8290 9080 or email us at [email protected] to discuss any of your business insurance requirements.

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You can call us during normal office hours, Monday to Friday, 9am to 5pm. Outside of office hours you can either email us or leave an answerphone message and we promise to get back to you the next working day.

General enquiries: 020 8290 4560 [email protected]

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Risk Assessment Procedures

• by Afnan Tajuddin
• Risk assessment

Risk assessment is essential in ensuring safety and well-being in any organization. This process identifies, evaluates, and prioritizes potential risks in a workplace or activity, resulting in safer working environments, accidents prevention, and increasing safety awareness. The five steps to conducting a risk assessment involve identifying the hazard, assessing the risk, implementing controls and safeguards, reassessing the risk with control in place, and confirming the reduced risk. The article provides examples of risk control measures, techniques for effective risk control, and methods for evaluating risks.

Table of Contents

Understanding Risk Assessment

Risk assessment is a vital process that every organization must undertake to ensure the safety and well-being of its employees, customers, and the public. It is the process of identifying, evaluating, and prioritizing potential hazards or risks in a workplace or activity. A risk assessment is crucial because it helps organizations understand the level of risk and take appropriate measures to control or eliminate the identified risks.

The basic principles of risk assessment include the identification of hazards, the assessment of risks associated with these hazards, the identification of control measures to mitigate these risks, and the review and monitoring of these control measures.

Benefits of Conducting a Risk Assessment

Conducting a risk assessment provides several benefits to an organization. The primary benefit is the protection of employees and customers from harm. By identifying and controlling potential hazards, organizations can prevent accidents and injuries from occurring.

Conducting a risk assessment also increases safety awareness and promotes a safety culture within an organization. By involving employees in the risk assessment process, they become more aware of potential hazards and how to control them. This results in a safer working environment and reduces the likelihood of accidents and incidents.

In addition, conducting a risk assessment demonstrates legal compliance and due diligence. It is a legal requirement for employers to provide a safe working environment, and conducting a risk assessment is an essential step in fulfilling this requirement. It also helps to reduce insurance premiums, as insurance companies are more likely to offer lower premiums to organizations that have a thorough and effective risk assessment process in place.

5 Steps to Conducting a Risk Assessment

There are 5 steps to conduct a risk assessment:

• Identify the hazard.
• Assess the risk
• Put controls/safe guards in place
• Re-assess the risk with control in place.
• Confirmation of reduced risk.

1. Identify the hazard.

Hazard identification is the process of identifying all hazards at risk in your work environment.

Many hazards exist in the workplace. Some of these can be easily identified such as manual handling , but others are less obvious and may not even show up on accident reports or injury logs. Consider how people work with plant equipment to identify hidden hazards that could cause harm without being detected by existing records (such as a new cleaning solution). Identifying what hazardous substances are used is also important when thinking about potential health risks for workers who use them regularly or come into contact during maintenance operations. For example, many workplaces contain asbestos which poses severe dangers if inhaled over time due to its link to respiratory illnesses like lung cancer.

Four risk categories to be use to identify hazards: Extreme, High, Moderate, and Low.

2. Assess the risk

Once you have identified what hazards may be present. decide how likely it is that someone could be harmed by these and to what extent if so. This is assessing the level of risk for your business premises or workplace environment with regard to those potential hazards. Decide: who might be harmed; what action you’re already taking in order to reduce this harm happening again (control measures); any further steps needed-who will carry out this necessary action; when they need to do it by

Risk matrix ( Risk assessment matrix )

With all the risks that are out there, a risk matrix can be an easy way to assess the risk. The Risk Matrix is an incredible tool for quickly calculating the risk of a project. It helps identify what could go wrong (likelihood) and how much damage it would cause if these outcomes occurred (severity). This makes prioritizing issues quick and simple so you know which ones need attention.

Guidelines for assessing Severity

• Major:  Environmental Loss (Major pollution affecting life outside site), People (Fatality or Permanent disability.)
• Serious: Environmental Loss (Major pollution confined to the inside site), People (Long term absence / Offsite treatment)
• Moderate:   Environmental Loss (Significant pollution causing a shutdown of units), People (Moderate treatment / Shot term absence)
• Minor: Environmental Loss ( Pollution above limits / Small spills, emissions ), People (First aid case / No significant injury)

Guidelines for assessing Likelihood

• Very unlikely : Little or no chance of occurrence
• Unlikely     : Could occur, less than 50 / 50 chance
• Possible         : 50 / 50 chance
• Probable        : More likely to occur than not more than 50 / 50 chance

Methods for Analyzing Risks

• Qualitative analysis: simple and cost-effective approach that involves identifying and ranking hazards based on their likelihood and severity
• Semi-quantitative analysis: assigns numerical values to the severity and likelihood of risks to calculate a risk score
• Quantitative analysis: involves using statistical methods to quantify the probability of a risk occurring and its potential impact

Risk Evaluation

• Determining whether risk levels are acceptable or unacceptable based on the results of the risk analysis
• Methods for evaluating risks: risk severity matrix, risk priority number, and risk ranking
• Developing controls that reduce risk to an acceptable level, considering the organization’s priorities, resources, and overall business goals

3. Risk Control : Put controls/safe guards in place

1. definition of risk control:.

Risk control refers to the implementation of measures or strategies to mitigate or eliminate the potential risks identified during the risk assessment process.

2. Importance of Risk Control in Risk Assessment:

Risk control is a crucial part of the risk assessment process because it helps to ensure the safety and health of workers and others who may be affected by workplace hazards. Effective risk control measures can prevent accidents, injuries, and illnesses, and can also minimize financial losses and damage to equipment and property.

3. Methods for Controlling Risks: There are several methods for controlling risks in the workplace, including:

• Elimination: Elimination involves completely removing the hazard or risk from the workplace. This may involve replacing hazardous equipment or substances with safer alternatives or modifying work processes to eliminate the risk altogether.
• Substitution: Substitution involves replacing a hazardous substance, material, or process with a less hazardous alternative.
• Engineering Controls: Engineering controls involve designing or modifying equipment, tools, or processes to minimize the risk of exposure to hazardous conditions. Examples include ventilation systems, noise reduction measures, and machine guards.
• Administrative Controls: Administrative controls involve implementing policies and procedures to control the risk of exposure to hazardous conditions. Examples include training programs, job rotation, and work scheduling.
• Personal Protective Equipment: Personal protective equipment ( PPE ) involves providing workers with protective gear to reduce their exposure to hazardous conditions. Examples include hard hats, gloves, respirators, and safety glasses.

4. Techniques for Effective Risk Control: To ensure the effectiveness of risk control measures, it is essential to follow these techniques:

• Involve workers in the risk assessment and control process
• Implement a hierarchy of controls (starting with elimination, substitution, engineering controls, administrative controls, and PPE )
• Regularly review and evaluate risk control measures and adjust them if necessary.

5. Examples of Controls Commonly Used in Workplaces: Examples of common risk control measures in workplaces include:

• Installing guards or barriers around machinery
• Providing personal protective equipment (PPE) to workers
• Implementing lockout/tag-out procedures to prevent accidental start-up of machinery
• Using ventilation systems to control exposure to hazardous substances
• Providing training programs to workers to increase their awareness of workplace hazards.

4. Re-assess the risk with control in place

After implementing control measures to reduce or eliminate the identified risks, it is essential to re-assess the risks to ensure that they have been adequately controlled. This involves reviewing the effectiveness of the control measures in place and evaluating whether they have reduced the level of risk to an acceptable level.

To do this, ask yourself the following questions:

• Have the control measures been implemented as planned?
• Have they effectively reduced or eliminated the identified hazards or risks?
• Are there any new hazards or risks that have emerged as a result of the control measures?
• Have the control measures introduced any new risks?

Based on the answers to these questions, you may need to revise the control measures or implement additional ones to further reduce the risks.

5. Confirmation of reduced risk

Confirmation of the reduced risk is a crucial step in the risk assessment process. It involves reviewing the control measures that have been put in place and assessing their effectiveness in reducing or eliminating the identified hazards. This step can be done through a range of methods, including:

• Regular inspections of the workplace to identify any new hazards or potential risks that may have arisen.
• Monitoring the workplace to ensure that the control measures are being implemented correctly.
• Reviewing the incident records to see if there have been any incidents or near misses related to the identified hazards.
• Seeking feedback from employees to identify any issues or concerns related to the control measures in place.

It’s important to regularly review and update the risk assessment to ensure that the control measures remain effective and that any new hazards or risks are identified and addressed promptly. By regularly reviewing the risk assessment, it’s possible to ensure that the workplace remains safe and healthy for all employees.

Who needs to do a risk assessment

The team will be led by the project manager, who is in charge of managing safety for a particular site. The Area Safety Engineer, Shift supervisors, and any other engineer if necessary. should have experience with risk assessment tools like MSHA’s HAZCOM or OSHA’s EH&S Toolkit to ensure they can properly assess risks at construction sites.

When should I do a risk assessment

Risk assessments are an essential step to prevent harm and accidents on site. risk assessment shall be prepared before starting any work & it is required for all activities.

When to Update Risk Assessment    

In order to keep up with the ever-changing world, it’s important that you update your risk assessment regularly. In the construction industry, there are many reasons for updating your risk assessment.

Changes to design or materials may demand a new hazard analysis.

After an accident has occurred that requires changes in safety protocol If key equipment changes. Even small company policies updates. A project suspension will also require a constant reassessment of what consequences this would have for workers’ lives. A new subcontractor who join in work process so it’s necessary for any risk assessment need to update too.

Common Mistakes to Avoid in Risk Assessment

1. failing to identify all potential hazards:.

• Risk assessments must identify all potential hazards to accurately evaluate the risks.
• Skipping or overlooking some hazards can lead to incorrect risk assessment and ineffective controls.

2. Underestimating the Likelihood or Severity of Harm:

• Assessing the likelihood and severity of harm is critical to effective risk assessment.
• Underestimating these factors can lead to ineffective controls and increased risk exposure.

3. Failing to Implement Appropriate Controls:

• The purpose of risk assessment is to identify the appropriate controls to reduce risk.
• Not implementing the appropriate controls or implementing ineffective controls can result in unnecessary risk.

4. Failing to Review and Update Assessments Regularly:

• Risk assessments must be reviewed and updated regularly to ensure that controls remain effective.
• Failing to do so can result in outdated assessments and ineffective controls.

5. Examples of Common Mistake:

• Failing to identify all potential hazards: A warehouse risk assessment fails to identify the risk of slips and falls from a wet floor.
• Underestimating the likelihood or severity of harm: A machine operator fails to recognize the potential danger of a malfunctioning machine.
• Failing to implement appropriate controls: A company identifies the hazard of a chemical spill but fails to implement proper storage and handling procedures.
• Failing to review and update assessments regularly: A construction company conducts a risk assessment for a new project but fails to review and update the assessment as the project progresses.

6. Techniques for Avoiding Common Mistakes:

• Use a comprehensive hazard checklist to identify all potential hazards.
• Use objective criteria to assess the likelihood and severity of harm.
• Use the hierarchy of controls to identify the most effective controls for the identified hazards.
• Establish a regular review schedule and ensure that assessments are updated as necessary.

Challenges of Conducting a Risk Assessment

• Lack of resources: Conducting a comprehensive risk assessment requires adequate resources such as time, funding, and personnel. Inadequate resources can lead to a rushed or incomplete risk assessment, which may miss crucial risks or hazards.
• Lack of knowledge and expertise: Conducting a risk assessment requires a certain level of expertise and knowledge. Without it, identifying potential hazards and assessing risks can be challenging, leading to inaccurate assessments and inadequate risk management.
• Difficulty in identifying all potential hazards and risks: It can be challenging to identify all potential hazards and risks in a complex work environment. Some risks may not be apparent, and others may be overlooked, leading to incomplete or inaccurate risk assessments.
• Resistance to change: Conducting a risk assessment may require changes in the work environment, work practices, and procedures, which may be met with resistance from employees or management. This can make it challenging to implement and maintain a risk management plan.
• Changing work environment: Work environments are continually changing, and risk assessments must be updated accordingly. This can be a challenge, particularly in industries with rapidly evolving technologies, processes, or equipment. Failure to keep up with these changes can lead to outdated or inaccurate risk assessments.

Tools and Resources for Conducting Risk Assessment

1. risk assessment templates.

• Templates are pre-designed forms that can help to streamline the risk assessment process
• They provide a framework for identifying and assessing risks in a consistent manner
• Templates can be customized to fit the specific needs of an organization

2. Online Risk Assessment Software

• Online software can be used to conduct and manage risk assessments
• They provide a centralized location for storing risk assessment data
• Some software can automate the risk assessment process, including generating reports and recommending controls

3. Government Resources and Guidelines

• Governments often provide resources and guidelines for conducting risk assessments
• These resources can be a valuable source of information on best practices and legal requirements
• Examples of government resources include the Occupational Safety and Health Administration ( OSHA ) in the United States and the Health and Safety Executive ( HSE ) in the United Kingdom

4. Other Useful Tools and Resources

• There are many other tools and resources available for conducting risk assessments, such as checklists and decision-making frameworks
• Organizations can also seek the expertise of consultants or industry associations for guidance on conducting risk assessments

5. Examples of Successful Use of Tools and Resources

• A manufacturing company successfully used a risk assessment template to identify hazards in their production process and implement appropriate controls
• An online retailer used risk assessment software to centralize their risk assessment data and automate the process of generating reports for regulatory compliance
• A construction company used government resources and guidelines to ensure compliance with legal requirements and improve their safety record.

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What is a Risk Assessment Matrix?

A risk assessment matrix is a chart used for prioritizing and tracking project risks. It’s a visual aid that provides a complete overview of the risks involved and the likelihood that each one will occur, and it is vital when creating a risk management strategy.

Generally speaking, most projects present several different types of risk. Some common risks include:

• Operational risks: This includes risks that result from poor project implementation. Depending on the project, this could include issues with production, resource allocation, procurement, distribution, and more.
• Technological risks: Risks that affect software and hardware systems include cyber attacks, device failures, virus infections, and any sort of technological failure.
• Performance risks: These risks describe how likely—or unlikely—it is that the project will create the desired results.
• Scheduling risks: Anything that has the potential to disrupt the project timeline is considered a scheduling risk.
• Cost risks: Generally the result of poor project planning or scope creep, these risks either increase project budgets or result in unfinished or incomplete projects.
• Governance risks: These are risks that could affect the company’s reputation, their community, or their ethics, and they generally fall on the shoulders of executive board members and senior managerial staff.
• Scope creep risks: Do your project requirements often expand beyond the initial project scope? If so, you’re probably experiencing scope creep. While it can be controlled, failure to do so could result in complete failure of the project at hand.
• Legal risks: Most projects contain several legal risks, such as contractual and regulatory requirements, that must be followed at all times.

While other risks may exist, specific risks are often grouped into one of four categories or buckets. These buckets include:

• Project management risks: These risks involve your project team members and how they could affect the overall success of the project at hand. Examples include project planning, communications, and project controls.
• Organizational risks: Organizational risks refer to your ability to allocate resources, prioritize tasks, and make key decisions regarding the project.
• Technical risks: This category includes technological risks such as issues with software or hardware. It also includes risks involved in requirements gathering, process documentation, and performance analysis.
• External risks: Risks that are beyond the control of the PM or project team members are considered external risks. This could include weather-related risks, governmental risks, regulatory risks, societal risks, supplier-related risks, and others.

Depending on the project and the exact risks involved, some additional risk categories may need to be established.

Why is a Risk Assessment Matrix Important?

The average project is fraught with risk. Not only are there legal risks, like regulatory and contractual responsibilities, but there are financial concerns, technical and technological risks, external risks, and many more. If ignored, such risks could spell disaster for even the most skilled project managers . When properly analyzed and addressed by a veteran PM, however, many of these risks are easily mitigated.

How to Create a Risk Assessment Matrix

When creating your risk assessment matrix, the very first step involves identifying and isolating any issues that pose a threat to overall project success. For best results, review the above lists and work on identifying risks with your team. Including all project stakeholders in this manner will ensure that all of the potential threats are fully uncovered and identified.

Before the identified risks can be added to your risk assessment matrix, you’ll need to establish your risk criteria. This essentially means organizing all risks according to their likelihood and severity. However, the criteria you ultimately use depends on the exact sizing of your risk matrix.

Creating a 5×5 Risk Matrix

One of the most common examples of a risk assessment matrix is the 5×5 risk matrix. In this case, you’ll use five different likelihood ratings. From least likely to most likely, these include:

Additionally, each likelihood rating corresponds with a numerical value. Risks that are “improbable” are given a value of one, while those identified to be “frequent” are given the maximum value of five. These likelihood ratings comprise the left side of the risk matrix.

Next, you’ll establish five different severity ratings. From least severe to most severe, these include:

• Catastrophic

Severity ratings are listed across the top of the matrix. Similar to likelihood ratings, each severity rating is assigned with a numerical equivalent. The least severe “negligible” rating, for example, has a numerical value of one. On the other end of the scale, the “catastrophic” rating has a numerical value of five.

A 5×5 risk matrix then results in one of four different risk impact ratings: low, medium, high, or extreme. Those with the lowest likelihood to occur and the lowest severity rating will be on the low end of the matrix, while risks with the highest likelihood and highest severity will appear on the extreme end of the matrix.

Creating a 4×4 Risk Matrix

The 4×4 risk matrix is very similar to the 5×5 risk matrix, except instead of resulting in a grid that contains 25 squares (5 x 5), it creates a grid with 16 (4 x 4) total squares. While it is functionally identical to the 5×5 risk matrix, the 4×4 matrix has only four different ratings of risk likelihood and severity. From least likely to most likely, the likelihood ratings in a 4×4 risk matrix are:

Conversely, the four severity ratings are:

Although a 4×4 risk matrix has fewer grid squares than a 5×5 risk matrix, there are still four different risk impact ratings, which are low, medium, high, and extreme.

Creating a 3×3 Risk Matrix

Best suited for smaller projects, the 3×3 risk matrix only comprises a total of nine grid squares. Likelihood ratings for a 3×3 risk matrix include:

Listed in order from least severe to most severe, the severity ratings for a 3×3 risk matrix include:

Unlike the 5×5 and 4×4 risk matrices, the 3×3 risk matrix only produces three different risk impact ratings: low, medium, and high.

How to Use Your Risk Assessment Matrix

Now that you’ve brainstormed potential project risks and created your risk matrix, it’s time to begin measuring each risk according to the ratings indicated above. Remember that many of the risks and their respective ratings are highly subjective. Not only do they vary between industries and professions, but they can also vary between projects.

Using a 5×5 Risk Matrix

One of the most common sizes used, most project managers agree that the 5×5 risk matrix offers the perfect mixture of risk detail and clarity. However, it is generally reserved for larger projects. Most small projects can be completed using a 4×4 or 3×3 risk matrix.

When using a risk matrix, regardless of size, it’s important to remember the numerical values assigned to each likelihood and severity rating. This makes it easy to calculate a numerical value for each one of the project’s risks as you simply need to multiply the likelihood that it is to occur by the severity of its impact.

For example, a risk that would have a negligible impact on the project’s success and is considered “improbable” or unlikely to happen would have a risk impact rating of 1 (1 x 1). Any risk that would have a moderate impact and might happen “occasionally” results in an impact rating of 9 (3 x 3). On the highest end of the scale, a risk that would have a “catastrophic” impact on the project and occurs “frequently” ends up with a risk impact rating of 25 (5 x 5).

After you’ve determined the numerical risk impact rating for any given risk, compare it to the list below to determine whether it poses a low, medium, high, or extreme threat to project success.

• Medium: 4–9
• High: 10–16
• Extreme: 15–25

You will notice a bit of crossover between the “high” and “extreme” impact ratings. This is because a risk with “critical” impact (4) that is considered “probable” (4) to happen will have an impact rating of 16 (high), but a risk with “catastrophic” (5) consequences that has a “moderate” (3) chance of occurring will have an impact rating of 15 (extreme).

Using a 4×4 Risk Matrix

Another common sizing, the 4×4 risk matrix is for large projects that don’t require the level of granular detail that the 5×5 risk matrix provides. Depending on its usage, however, the 4×4 risk matrix could result in too many risks falling into a “medium” impact rating. In cases like this, it’s rather easy for risks to be mislabeled, and as such, some mitigation strategies might fall to the wayside.

Other than that, the 4×4 risk matrix functions identically to the 5×5 risk matrix. Once a risk has been placed onto the matrix, its risk impact rating is determined by multiplying the likelihood and severity ratings. Then compare the final sum to the list below to separate risks into the “low,” “medium,” “high,” and “extreme” categories.

• Medium: 3–4
• Extreme: 12–16

Using a 3×3 Risk Matrix

Many smaller projects can be completed with a 3×3 risk matrix. While it lacks the specificity of the 5×5 or 4×4 risk matrices, its basic design and straightforward process make it a great solution for novice PMs.

But the biggest drawback of the 3×3 risk matrix also lies in its simplicity. With only three likelihood and severity ratings, it can be difficult to accurately rank certain risks. That’s why large or complex projects often need a 4×4 or 5×5 risk matrix.

After you’ve multiplied the numerical values of the likelihood and severity ratings for each risk, compare the result against the list below in order to further categorize each project risk.

Risk Assessment Matrix Templates

There are a plethora of risk assessment matrix templates available online. While some of these are geared toward one particular industry or toward a specific project type, they all provide a great starting point for novice PMs and project teams who are trying to get started with the risk assessment matrix.

Someka Risk Assessment Matrix Template

Created by the team at Someka, this risk assessment matrix template is available in two different formats: Microsoft Excel and Google Sheets. Referred to as a Hazard Identification & Risk Assessment (HIRA), the document is ideal for tracking cyber threats, internal corruption, and other issues. It consists of three separate parts:

• Risk report: Provides a systematic examination of workplace risks, how to assess personal injuries on the job, and the likelihood of reducing risks.
• Risk list: This section lets the user list specific hazards, including the people who are at risk, the person responsible for overseeing the risk, and any recommended actions.
• Risk matrix: The last section comprises a 4×4 risk matrix for tracking the likelihood and severity of personal injuries in the workplace.

Smartsheet Risk Assessment Matrix Template

The development team at Smartsheet offers a variety of free risk matrix templates that are compatible with Smartsheet, Microsoft Excel, Microsoft Word, and Adobe software (PDF). Moreover, they provide risk matrices in several different sizes including 3×3, 3×4, and 5×5. They also provide more insight into the usage and application of risk assessment matrices in general.

TeamGantt Risk Assessment Matrix Template

Users who need a highly customizable, 3×3 risk assessment matrix template can find a basic version from TeamGantt. Available exclusively for Microsoft Excel, their simplified chart includes three different elements:

• Risk Assessment Matrix : This 3×3 risk matrix is simple to use and easy to customize as needed.
• Risk Assessment List : A pre-formatted list of all potential risks, the areas that are affected by these risks, the severity of each risk, the likelihood of each risk, the total risk impact rating, and any recommended actions
• Lists : A master list with all of the available severity, likelihood, and impact ratings

Risk Assessment Matrix FAQs

While risk assessment matrices tend to be highly accessible and straightforward, some users might have some remaining questions surrounding their usage or application.

What is the significance of risk severity levels in the matrix?

Risk severity levels provide a quantifiable measurement of the threat posed by any given risk. In a 5×5 risk matrix, there are five different severity levels (negligible, marginal, moderate, critical, and catastrophic). A 4×4 risk matrix has four different severity levels (negligible, marginal, critical, catastrophic), while a 3×3 risk matrix has three different severity levels (marginal, moderate, and critical).

Classifying risks in this manner makes it easy to see which risks need to be addressed immediately and which ones can be delayed to a later date (if at all).

How often should a risk assessment matrix be updated?

While risk matrices should be updated over the course of time, there is no right or wrong answer regarding the frequency of these updates. It is worth noting, however, that regular updates give you the opportunity to remove any resolved risks and add any new risks that have been uncovered since the project began. Moreover, updating the risk matrix at regular intervals is a great way to give novice PMs and new project teammates more experience with the entire process.

Can a risk assessment matrix be used in different industries?

Absolutely! Risk matrices aren’t limited to one specific industry, field, or profession. In fact, they are often customized in order to meet the user’s exact needs. Feel free to customize your risk assessment matrix by adding more risk categories, modifying the scoring criteria, or by using a different sized matrix altogether. The most important thing to remember here is that the risk matrix needs to work for you and your team. If it doesn’t or if it’s confusing to your project teammates, then it’s time to make a change.

Is risk assessment matrix sizing really important?

Yes and no. Generally speaking, smaller risk matrices work better for smaller projects. However, depending on the size and scope of the project, any matrix size should do. Most professionals don’t recommend going any larger than 5×5, however, as this often results in more complexity than it’s worth. For best results, stick to a 3×3, 4×4, or 5×5 risk assessment matrix.

Making the Most of Your Risk Assessment Matrix

In the hands of a skilled PM, a risk assessment matrix helps clarify risks and forecast their potential impact on the project as a whole. Most risk management strategies begin by prioritizing each risk on the matrix and allocating the resources needed to tackle the most impactful ones. Since it is virtually impossible to overcome every single risk, expert PMs need to know how to pick their battles and mitigate those that pose the most threat to overall project success.

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Cyber security risk assessment reports: what you need to know

13 sep 2023, how to deliver a cyber security risk assessment report.

Published on 13 Sep 2023

Bob Nicolson | Head of Consultancy

[email protected]

A cyber security risk assessment is a fact-finding mission designed to uncover and quantify the IT security risks facing an organisation.

The risk assessment itself is the process of identifying, analysing and evaluating the risks posed to business assets, processes and IT workloads. Internal and external threats are isolated, identified and scrutinised with a view to implementing controls and strategies designed to prevent, reduce and mitigate risk.

This guide details what a cyber security risk assessment is, the benefits it can deliver, and provides step-by-step instructions on how carry out an assessment and write a cyber security risk assessment report.

If you would like us to deliver one for you, please see our cyber security assessment and health check service.

Article Contents

• 1. What is a cyber security risk assessment?
• 2. Benefits of a cyber security risk assessment
• 3. How to write a cyber security risk assessment
• 4. Download an example report
• 5. Who should be involved in a cyber security risk assessment?
• 6. What to do after a cyber security risk assessment?

What is a cyber security assessment? Overview

Cybercrime has become a diverse enterprise that wreaks havoc on small and large businesses alike. As business technology infrastructure increases in complexity, so do the techniques and methods available to hackers.

Rarely does a year go by that we don’t observe a rise in cyber security incidents and related damage. From 2020 to 2021, enterprises saw their annual cyber security costs increase by some 22.7%, and breaches increased by 27.4%, according to Accenture.

Similarly, the ONS found that a staggering 39% of businesses in the UK suffered a cyber-attack in 2022.

Of course, businesses are not entirely at the mercy of hackers, and there are effective solutions out there. One of them, a cyber security assessment or cyber security risk assessment, is a foundational tool that provides organisations with a robust description of the cyber risks they face, and recommendations they can implement to mitigate those risks. This guides them towards effective cyber risk management, allowing businesses to take control of their IT and information infrastructure and spur on the digital growth and transformation required to thrive in today’s business landscape.

What is a cyber security assessment? More detail

A cybersecurity assessment involves identifying and analysing security risks, enabling the selection of effective controls and risk management strategies.

Assessments aim to answer fundamental business risk and cyber security questions:

• What types of cyber-attack or data breach could happen to the business?
• What are the potential business impacts of these attacks or breaches?
• What are the business’s critical technology and information assets which are vulnerable to attack or breach?
• How can the business prevent or reduce these impacts?
• How effective are the current controls to reduce these impacts?
• What controls need to be improved or implemented in order to further reduce these impacts to an acceptable level?

With the information gained from the assessment, businesses can align their cybersecurity and data protection controls according to risk and impact levels.

Assessments also help organisations make strategic decisions about the security controls they’re lacking, the controls they need, and how to use and maintain them effectively. Controls range from technical implementations designed to monitor, detect and prevent attacks to people and process-related controls designed to reduce human error and oversight.

While basic cyber security applies to all organisations, appropriate controls vary from business to business and sector to sector.

For example, businesses operating in financial services or hosting critical infrastructure are faced by high threat levels that require them to go well beyond a foundational level of cyber security.

What are the benefits of a cyber risk assessment?

Cyber risk assessments bring potential risks and issues to the fore, enabling organisations to make strategic decisions based on their findings.

Here are four of the key benefits a cybersecurity risk assessment provides:

1: Discover and rate cyber security risks

The primary motive for undertaking a risk assessment is to discover, identify and categorise risks.

The assessment aims to identify, analyse and categorise cyber security risks across the business and technology infrastructure. This involves a systematic review of IT infrastructure, assets and security technologies and procedures.

2: Strategically target cyber security investment

Cyber security budgets can only stretch so far.

Studies and surveys show that 69% of organisations planned to increase their cybersecurity budgets throughout 2022, and 85% of IT decision-makers expected cybersecurity budgets to increase by over 50% .

Cyber security assessments rank and categorise risk to better-allocate budgets to the highest-impact areas. This helps keep budgets focused on where they are most effective rather than a ‘catch-all’ approach that allocates cyber security budgets thinly across all control areas.

3: Provide assurance to key stakeholders and clients

The board is taking a greater active interest in cyber security. According to Gartner, some 88% of board members view cyber security as a key business risk.

Clients increasingly are reviewing their supply chains to determine if they are cyber resilient.

A cyber security assessment can assure the board, business owners and clients that a business is cyber security secure, as well as enabling businesses to present their security credentials when forming new partnerships.

4: An important step towards cyber security certification (e.g. ISO 27001)

Carrying out a cyber security risk assessment is a key step towards gaining ISO 27001 certification. An ISO 27001 certified ISMS (Information Security Management System) ensures a high standard of cyber security while acting as an important business credential.

Gaining certification enables businesses to advertise their security credentials to prospective clients, customers and partners.

How to write a cyber security risk assessment report

Carrying out a cyber security assessment and writing the report involves a multi-step process that progresses from discussions about business architecture, processes and workloads before diving into risk identification, control selection and technical deep dives on IT infrastructure.

Here’s how to write a cyber risk security assessment report in 7 steps:

Step 1: Identify cyber business risks

Identifying cyber business risks involves working with senior leadership to understand what types of cyber incident could have a material impact on the business. For instance, how would a large data breach impact the business’s reputation and ability to sign new customers and clients?

This normally takes the form of a workshop or a series of one-to-one interviews.

The analysis is general at first - what types of risks do businesses in this sector typically face? What type of data is being stored and transferred? Has the business been the target of cyber-attacks before, and if so, what happened and why?

Additionally a cyber threat analysis can be carried out, to identify and assesses relevant threat actors such as ransomware criminals and sovereign state attackers.  The output of the cyber threat analysis can be used to understand the additional types of cyber incident which might impact the business.

Moving into more detail involves rating the discovered risks to understand their relative business impacts. Impacts are generally measured financially or reputationally, and enable initial prioritisation.

Achieving an overarching understanding of cyber business risks faced by the business is fundamental to selecting controls and later on performing technical deep dives.

Step 2: Choose cyber security controls

Cyber security controls should be chosen to mitigate the identified cyber business risks. Whilst you can start from scratch and develop your own controls, in practice it is more pragmatic to take your controls from a cyber security framework. Each framework consists of a set of controls that can be implemented across any business. However, not every control is relevant to every business.

For instance, data leakage prevention controls (DLP) may not be relevant to companies which do not process or store sensitive data.

For this reason the selection of controls depends on the identified cyber business risks. E.g. controls should be selected on the basis of their ability to mitigate particular cyber business risks. In the example above, DLP controls should be selected to mitigate risks centred around data breaches of sensitive information.

Having said that, some controls are foundational or essential. For instance, controls around passwords, use of 2FA and security patching are critical to every business and so should always be selected. Any controls which are foundational are generally identified as such within the cyber security framework.

When Nicolson Bray carries out a cyber security health check we typically use a blend of CIS Critical Security Controls and ISO 27001 Annex A Controls. In addition we customise controls or create new ones where required by specific cyber business risks.  

Step 3: Create a control checklist

Selected controls should then be tailored to the business’s systems and infrastructure. For instance, where tools have previously been selected for a control, the control description is modified to include this.

In the DLP example, this could mean including the tool that has been implemented at the endpoint such as McAfee DLP Endpoint, or the tool that has been implemented at the edge such as Zscaler Cloud DLP.

Checklists are created from these tailored controls. Creating a checklist ensures the assessment is carried out consistently and logically, and that information is collected and collated in one place.

You can use Excel to create your checklist, or there are a number of Governance Risk, and Compliance (GRC) tools which can be used to the same effect.

These checklists form a core part of the assessment and once complete store critical information about the security of your company. For this reason they should be kept in a secure location.

Download an Example Report

Step 4: identify information & technology assets.

Once a checklist has been created and agreed upon, information and technology assets are identified in order for them to be assessed.

Information and technology assets interact throughout an organisation. Technology assets include both hardware systems (e.g. servers and routers) and software (e.g. databases, applications and SaaS). Technology assets often deliver critical operational processes to an organisation, such as taking bookings for an online travel agency.

Information assets are the types of data which flow through the company, such as customer data, financial data and personal data.

Two exercises can be useful to identify Information and technology assets:

• Creating data flow maps of data through the company
• Identifying the critical processes and systems for the company

This should help identify which assets should be assessed.

Step 5: Assess controls on information & technology assets

The control checklist is used to assess the controls on each information and technology asset. Control assessments answer the following questions:

• Is the control implemented?
• Are controls robust and fit for purpose?
• Are they adequately resourced?
• Are controls well-maintained and up to date?
• Is control-related education and training sufficient to maximise protection?
• Are controls proportionate to the value of the asset?

The key here is to identify non-existent controls or gaps in controls which might lead to cyber business risk exposure. For example, a business might have a server which has been locked down well but has not been security patched for two years. This would be a problematic control gap which could lead to the service being compromised.

After identifying these gaps, it’s then possible to quantify and qualify risks to create the final report.

Step 6:  Rate and assess cyber security risks

The rating of cyber security risks involves two critical components: Business Impact and Likelihood.

Business impact is a measure of the harm a cyber incident could inflict on the organisation's operations, assets, reputation, or financials. It involves understanding both tangible consequences, such as financial loss and legal liabilities, and intangible consequences, such as reputational damage and customer trust erosion.

Recognising actual business impacts is crucial, as it enables prioritisation based on the severity of consequences, ensuring resources are allocated where they are most needed.

For instance a website denial of service will have different business impacts dependent on the website’s function and value. Disruption to a website which is used as an e-commerce sales channel will have a much higher business impact than disruption to an annual leave booking website for staff at the same business.  The technical impact is identical, but the business impact is radically different.

Likelihood is a measure of the probability of a specific cyber incident occurring. This considers factors like historical data, threat intelligence, and security controls in place. It gauges the chances of an event occurring, from highly unlikely to almost certain. Understanding likelihood allows for targeted risk mitigation efforts, focusing on scenarios with higher probabilities of occurrence.

Important to understand is that likelihood can vary over time.  For instance a shift in the threat landscape can increase likelihood of a cyber incident occurring.  A good example of this is the increase in ransomware threat over the past 5 years.  Arguably this has increased the likelihood of cyber incidents across the board, for businesses large and small.  The increase in sovereign state threat as a result of the Ukraine war is another example of this. 

An example of increased likelihood due to insufficient security controls could be seen in a SaaS service where user accounts are not protected by MFA.

Once an understanding of business impact and incident likelihood has been built a cyber security risk assessment matrix is used to factor these two variables together and deliver a cyber security risk assessment, such that that overall risk rating is a consideration of both variables. This matrix rates risks based on their likelihood and potential impact, typically on a scale of low to high or critical. By plotting risks on this matrix, organisations can simply and comparatively rate risks.

Above: An Example Cyber Security Risk Assessment Matrix

Step 7: Write the cyber security risk assessment report

It is important to present findings in an easily digestible format which is accessible to all key decision-makers. A detailed cyber security risk assessment report will do this, and should contain the following:

• Full list of identified risks with easy to understand ratings.
• Detailed descriptions of all risks, describing how they impact the business and which control gaps have led them being present.
• Short-term tactical fixes, or ‘quick wins’, that can be implemented almost immediately for rapid security gains.
• Strategic long-term recommendations listed by priority dependant on the level of risk they mitigate. This helps targeted cyber security budgeting and investment.
• In-depth description of controls at an appropriate technical depth for IT teams to implement changes.

Ideally the cyber security risk assessment report should be peer reviewed by members of the team to verify and build consensus around the findings. Writing the report is often time consuming, however it is a very valuable exercise as it helps focus analytical thinking, and provides a blueprint for cyber security enhancements and architectural changes going forwards.

Who should be involved in a cyber security risk assessment report?

Writing an IT security risk assessment report is a collaborative exercise. Since cyber security percolates all business teams and departments, it’s vital to establish a top-down understanding of risks so key individuals can disseminate knowledge across the business.

Above : Writing a cyber security risk assessment report should involve collaboration from senior management and relevant team leaders/key members of departments exposed to the highest risk

A robust cyber security risk assessment report should involve the following individuals and teams:

• Experienced cyber security professionals: Cyber security professionals lead assessment activity, starting with initial discussions with senior management before collaborating with risk management, IT teams, etc.
• Senior management team: To build an understanding of business activity, past issues and future direction, assessments should involve the CEO and other members of the senior management team, such as the CFO, COO and CRO.
• Audit & risk management: If the company has pre-existing internal risk management functions, these should be involved in the assessment to discuss relevant risk management strategies, compliance obligations, etc.
• CIO/CTO & Head of IT: Discussions progress to technical analysis and risk identification. This requires input from CIOs or CTOs and the Head of IT. The business’s core IT infrastructure, processes and workloads are identified.
• Lead architect: Where present, the Lead Architect can inform cyber security professionals of IT architecture and data assets. The assessment progresses towards a deep dive into relevant systems.
• IT security manager and IT engineers: IT engineers assist in the technical deep dive into technical controls in place, as well as system risk exposure and vulnerabilities. Different departments may have different IT teams or engineers responsible for specific functions.

What happens after a cyber security assessment?

After risks and recommendations are relayed and discussed, key risk management decisions can be made. Risks can be accepted, mitigated or transferred / insured against. The cyber security assessment report forms the basis for making these decisions.

The output of these decisions is used to inform and optimise cyber security budgets.

In addition the individual risks within the report should be tracked and monitored on an ongoing basis in a cyber risk register. For instance as recommendations are implemented, this should be logged and the risk level reduced accordingly.

Also any new IT and cyber security systems will need to be risk assessed as part of their implementation and any new risks logged and tracked.

Please see our article on cyber risk management for more details on this critical process.

Summary: Cyber Security Risk Assessments

Many businesses are unsure of their cyber security risks or are overconfident of their controls.

Surveys suggest that 87% of businesses feel ‘confident’ about cyber security - but when you compare that to the rate of attack, around at least 58% of businesses hit with an attack or data breach also rated themselves as ‘confident’.

Writing a cyber security risk assessment report helps businesses beat complacency. By identifying and understanding risks, businesses can take back control of their cyber security and focus their investment on where it has the most impact.

Nicolson Bray offers cyber security health checks for any organisation looking to modernise its security controls and risk management strategies. Contact us today to discover how we can help your business proactively manage and eliminate cybersecurity threats.

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risk assessment report (RAR)

RAR show sources hide sources NIST SP 800-30 Rev. 1 , NISTIR 8286

   The report which contains the results of performing a risk assessment or the formal output from the process of assessing risk. Sources: CNSSI 4009-2015 from NIST SP 800-30 Rev. 1 NIST SP 800-30 Rev. 1 under Risk Assessment Report

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Comments about specific definitions should be sent to the authors of the linked Source publication. For NIST publications, an email is usually found within the document.

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See NISTIR 7298 Rev. 3 for additional details.