Top 24 Risk Assessment and Management Tools (2023)

Managing and tackling risk is an essential component in a professional or a personal setting. Risk assessment and management tools allow IT professionals and Managed Service Providers (MSPs) to understand, identify, access, and terminate potential data security risks and threats. It is no suspense that a breach of data, data loss, or any unidentified unknown situations and circumstances can lead to risk if left unmitigated, undetected, and/or wrongly accessed.

The risk of data loss is greater nowadays, 50% of organizations face security threats every 12 months. This is important to take into account the increasing sensitivity of data security. With the latest technological advancements and regular new varieties of threats and issues coming up, risk assessment software tools are important to safeguard the workforce data.

In this top tools list, we will discuss some of the best risk assessment and management tools.

1. nTask

Top 24 Risk Assessment and Management Tools (1)

nTask resolves and deals with recognized threats single-handedly and in an eco-friendly manner. The neutral tones and its fully-featured project management mechanism give it a remarkable edge.

Key Features:

  • It is proficient in risk analysis and helps to identify a plethora of threats whenever needed to the specified risk owner to come up with ways to resolve them.

  • It can detect risks of any nature and determine their severity.

  • The list view provides easy accessibility to the set of risks and who is responsible for coping with them.

Cost:

You can quote at the website.

2. Resolver

Top 24 Risk Assessment and Management Tools (2)

Resolver focuses on risk preparation and planning. It allows numerous risk identification during the process and making of regulatory requirements and projects objectives. The popular corporation to use Resolver Enterprise risk Management includes Delta Airlines to tackle security challenges globally.

Key Features:

  • The consolidated products are designed uniquely for all organizations and industries of varied sizes.

  • Customizable reports, heat maps are provided to create presentations and spreadsheets.

  • The risk scoring method helps to rank the severity and priority of the risks.

Cost:

You can quote at the website.

3. Integrum

Top 24 Risk Assessment and Management Tools (3)

Integrum is one of the best risk management and Assessment tools existing. The tool is built specifically for the health and safety management of the corporation. It consists of a complicated set of operations algorithms to streamline processes for the organization’s growth.

Key Features:

  • Highly customizable as per the organization’s needs. The built-in tools such as SMARTForms extract data to develop data analytics.

  • Features of investigation, incident, and document management allow Integrum to recognize potential threats before, during, and towards the end of the project.

Cost:

You can quote at the website.

4. Cura

Top 24 Risk Assessment and Management Tools (4)

Cura is a specialized software that allows corporations to detect any recurring or resurfacing risks with ease. Cura is used in various platforms such as utility firms, insurance firms, banks, healthcare, and telecommunication.

Key Features:

  • The goals and objective features help to monitor members’ performance, their actions for risk monitoring.

  • Cura is facilitated by configurable features of risk reporting that can be exported as lists, pdf, spreadsheets, and presentations.

  • Easy linking of risks to projects to evoke awareness of the vulnerabilities and weak points of a project.

Cost:

You can quote at the website.

5. Synergi LIfe

Top 24 Risk Assessment and Management Tools (5)

Synergi Life is a tool created by DNV GL. It is an ultimate business solution for potential risks and threats. It also ensures a QHSE (Quality, Health, Safety, Environment) assessment and tackling. Synergi Life will help you identify risks, analyze audits to work on the improvements.

Key Features:

  • Provides an easy-to-work interface.

  • Allows tackling incidents.

  • Audit report to come up with solutions to solve the risks.

  • It allows compliance management to discuss, report and manage any corrective measures for the risks.

Cost:

You can quote at the website.

6. Audits.io

Top 24 Risk Assessment and Management Tools (6)

(Video) Risk Assessment Tool Types

Audits.io is a risk management and assessment tool known for its highly customizable nature. You can assign work and inform people about tasks, share files, attach images, create audits and inspections from anywhere and anytime.

Key Features:

  1. It allows accessibility on devices such as desktops, mobiles, tablets, and laptops.

  2. It allows you to work in offline and online mode.

  3. Provides easy transfer of automated reports to stakeholders.

  4. Audit.io also offers real-time statistics.

  5. It allows corrective actions for potential risks and a dashboard.

Cost:

You can quote at the website.

7. MasterControl Risk Analysis

Top 24 Risk Assessment and Management Tools (7)

MasterControl Risk Analysis offers numerous benefits to the users. It is assigned to the ISO quality standards and FDA rules. The tool is great in cases where you lose your files under unknown circumstances and want to recover them. The risk evaluation helps to make quality decisions and improve the workflow of the company.

Key Features:

  • You can complete business process control.

  • It offers a dashboard to have a collective view of the workspace.

  • It allows compliance management and provides companies the features to take necessary corrective measures.

Cost:

You can quote at the website.

8. Timecamp

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Timecamp is an ideal tool for all the injurious risks, and hamper the coherence of the entire management. It is a time tracking tool. It ensures timely delivery of tasks by the members and conducts risk analysis on the submissions for easy tracking.

Key Features:

  • A time-tracking tool to monitor all the submissions of the team members.

  • It shows the financial risks with each project to make a better judgment of the prices.

  • The project manager can monitor and analyze the project's outcomes, keep a check on impending tasks and deadlines.

Cost:

You can quote at the website.

9. Qualys

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Qualys is one of the most advanced tools for malware detection and remediation tracking. It allows security solutions including Web app security, cloud security, policy compliance, asset management, and more. It is trusted by major brands such as Deloitte, Microsoft, and more in over 130 countries.

Key Features:

  • It offers a simpler and safer suite of features.

  • Qualys provides a detailed scan of the entire business and detects any vulnerabilities.

  • Web application scanning helps to recognize nearby viruses, resurface any potential threats and work for remediation.

Cost:

You can quote at the website.

10. GOAT Risk

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GOAT Risk is one of the best Risk management and Assessment tools due to its wide range of features, mechanisms, and pliability in its operations. The engagement and embedding and risk management and assessment are commendable.

GOAT Risk is an ideal choice for non-risk experts to make improved decisions. You can get useful insights through features of KRIs and KPIs.

Key Features:

  • Monitoring risks provided by the software.

  • Risk reports are exportable in Pdf, Spreadsheet, and Word docs format.

Cost:

You can quote at the website.

11. Safesite

Top 24 Risk Assessment and Management Tools (11)

Safesite is a free, easy-to-use interface to improve safety outputs and standards in a workspace. Safesite is actively used in over 4000 businesses on various levels. You can improve the compliance and safety of your teams through engagement and reporting with the help of streamlined communication.

Key Features:

  • It provides preventive and corrective actions to the team manager.

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  • Allows training mechanisms to boost the workforce.

  • It allows incident management and reporting.

Cost:

Free with additional costs mentioned on the website.

12. Optial Risk Manager

Top 24 Risk Assessment and Management Tools (12)

Optial Risk Manager is amongst the Risk management and assessment tools, designed for various industries such as manufacturing, finance, health, and more. Optial Risk Manager helps you to track risks and identify any threats to formulate strategies and processes to avoid such risks again.

Key Features:

  • The application provides timely reminders in the detection of a risk, or in case a risk resurfaces.

  • Provides detailed risk analysis and reports for threat detection and its redressal.

  • It helps to create risk strategies.

Cost:

You can quote at the website.

13. SAS

Top 24 Risk Assessment and Management Tools (13)

SAS is a unique software custom-made to the needs of the team and its manager.

Every corporation has unique needs and it needs to mold accordingly to handle every-changing technology and tough competition from its rival companies. The software also offers the manager to access the application from a dedicated server or a cloud.

Key Features:

  • The software allows automated documentation and tracking of the data.

  • You can access and regulate data reports.

  • It allows real-time performance analysis.

Cost:

You can quote at the website.

14. ARC Cyber Risk Management

Top 24 Risk Assessment and Management Tools (14)

ARC Cyber Risk Management is amongst the best Risk management software due to its ability to track, identify and access risks effectively. It tracks, manages, and analyses assets conveniently. ARC Cyber Risk management software is a web-based software that can be regulated from any time, anywhere. You can audit the results yearly and save time on the information about the plethora of risks.

Key Features:

  • The software allows yearly auditing of data.

  • The dashboard offers an organized interface to work on.

Cost:

You can quote at the website.

15. Reciprocity

Top 24 Risk Assessment and Management Tools (15)

The software Reciprocity handles all types of tasks without any unnecessary segments and functions and contains a set of extensive tools to tackle any necessary tasks effectively. It allows real-time detection and reporting of data.

Key Features:

  • Easy to use and understand UI.

  • It offers automatic alerts and messages to the managers and stakeholders.

  • The functions allow standards and regulations for compliance tracking.

  • The functions are formulated in a manner to help anyone wishing to use Reciprocity.

Cost:

You can quote at the website.

16. Opture ERM

Top 24 Risk Assessment and Management Tools (16)

Opture ERM is integrated risk management and assessment software designed to handle risk management conveniently. You can use the software for boosting data quality, tackling individual risk factors. The software is simple and easy to use and allows flexible and easy to incorporate features to ensure an uninterrupted workflow.

Key Features:

  • The application allows risk assessment.

  • The dashboard is conducive to use and simple to understand.

  • It allows compliance management.

  • It provided regular auditing of the data.

Cost:

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You can quote at the website.

17. Predict360

Top 24 Risk Assessment and Management Tools (17)

Predict360 is software designed by 360AFactors. It is a cloud-based enterprise risk management technology in varied sectors such as Oil and Gas, Power and Utility, Financial Services, and Banking. This is a predefined tool to manage the staff and operational managers to tackle risks.

Key Features:

  • Offers ISO and FDA compliance.

  • Provides risk alerts for new and resurfaces risks.

  • Allows the manager to archive and retain data as needed to avoid risks.

  • Allows Audit Trail at regular intervals of time.

Cost:

You can quote at the website.

18. Pims Risk Management by Omega.no

Top 24 Risk Assessment and Management Tools (18)

Pims Risk Management helps teams to identify, allocate any risks found. It allows the teams to mitigate and manage risks accordingly. The interface is easy to understand and encourages users to learn and adapt to it swiftly. The software provides features to redeem any risk-related information, add risks, and edit any data as needed.

Key Features:

  • Easy storage, documentation of earlier risks, and development of mechanisms to deal with risks.

  • Allows auditing at regular intervals of time.

  • Corrective actions are available.

  • Simple and interactive dashboard.

Cost:

You can quote at the website.

19. Diligent

Top 24 Risk Assessment and Management Tools (19)

Diligent offers a set of features that allow risk mitigation strategies to the businesses to allow continuity of the workflow. It helps to identify a threat before starting a project and helps to form corrective measures accordingly. You can take preventive actions, analyze data and identify any potential data security risks.

Key Features:

  • Provides detailed metrics and surveys

  • A great option for businesses of all sizes.

Cost:

You can quote at the website.

20. TrackMyRisks

Top 24 Risk Assessment and Management Tools (20)

TrackMyRisks is a streamlined system that allows you to save time on administrative tasks. It provides templates to simplify workflows, easy syncing of files, images, Microsoft Office documents in a unified place.

Key Features:

  • Notification alerts for any real-time up-gradation and updates.

  • Document revision history allows users to track data swiftly.

  • Allows you to keep data safe.

Cost:

You can quote at the website.

21. Essential ERM

Top 24 Risk Assessment and Management Tools (21)

Essential ERM is an advanced risk management and assessment software that is an ideal choice for IT, operational, reputational, legal, and many more risks. ERM offers thresholds and frameworks to handle any potential future threats. It is easy to understand and use for all users.

Key Features:

  • Has a risk-bow tie functionality.

  • Provides heat maps, reporting mechanisms.

  • A great choice for medium-sized businesses.

  • The online and in-person training provided.

Cost:

You can quote at the website.

22. Jotform

Top 24 Risk Assessment and Management Tools (22)

Jotform is a risk assessment template to track and collect information about the risks encountered by the business. You can define all the collected data in the form of a log that helps to filter data by the risk priority and monitor the entire process of management and redressal of the risk.

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Key Features:

  • The log allows online collaboration by the team members.

  • The template is easy to understand and work on.

Cost:

You can quote at the website.

23. LogicManager

Top 24 Risk Assessment and Management Tools (23)

LogicManager is an ERM software created to simplify and improve a business’s risk program. It allows a business to make informed decisions based on the risk assessment.

Key Features:

  • Has pre-developed libraries that can help to detect and identify any threats.

  • It provides accurate, operational data in a unified platform.

  • To-do lists to track risk management data efficiently.

Cost:

You can quote at the website.

24. RSA Archer Suite

Top 24 Risk Assessment and Management Tools (24)

Archer Suite by RSA is known for its coherent ability to adapt, handle risk and deal with multiple dimensions of risks. The tool is designed to provide a compiled view of all the technology-related risks in the company. You can manage risks through performance management, relationships, and engagement among the team members.

Key Features:

  • Allows bringing together all the risk-related information at a centralized location.

  • You can audit actions based on the priorities set.

Cost:

You can quote at the website.

Things to consider before getting Risk Assessment and Management Tools

1. Identify hazards to your business

Identifying the existing risks helps you to analyze their consequences in the future. Tackling risks well you understand and choose the right risk assessment and management tool for your company’s requirements.

Potential risks can be:

Regulatory risks: OSHA, data privacy laws

Operational risks: Data breaches, errors by employees, malware detected

Financial risks: credit availability, interest variations.

Safety risks: Global pandemic, mental health hampering, slips. Falls, trips.

2. Is the tool aligned to your goals?

It is important to take into account if the tool offers all the features that your business needs. You should also consider if you are looking for a long-term risk management and assessment tool or if you are looking for something to handle a one-time disruption.

3. Accessibility of the tool

Considerations such as the tool accessibility and usage criteria for all the members, the easy understanding of the location where the person can interact with the tool efficiently are important to look into.

4. Levels of detail and support in the company’s operations

It is important to see if the tool offers the information and analytics to make informed decisions. If there are in-depth features in the tool for your requirements, they should also be taken into account.

Conclusion

These tools will help you find the best risk management tool for your company based on your requirements and tackle cyberthreats, data error and work inconsistency in a great manner.

FAQ

What are Risk Assessment and Management Tools?

Risk assessment and management allow a company to become a better environment for increased workflow, a great place for collaboration, and create an active, safer environment for collaborations.

Risk management tools allow you to take control of your data and manage all the tasks and operations well conducive.

These tools allow the company manager to achieve their objectives by deciding the consequences of the event, and the likelihood of the risk events. Based on the evaluations, you can assess how any event affects the company's dynamics and performance. Risk management tools help you to improve a company's capacity to deal with cyber threats and handle financial, social, operational, safety risks accordingly.

What should you consider while using Risk Assessment and Management Tools?

  • Identify the risk: Make sure you know the vulnerable areas of the company and the type of risks that are problematic for the company such as legal risks, market risks, regulatory risks, etc.

  • Analyze the risk: determine the severity of the risk and its seriousness to initiate required steps of implementing the risk management tool to different procedures, business processes, documents, and policies.

  • Treat the risk: Connect the risk to its respective experts, i.e. contract each stakeholder or set up discussions to come up with solutions to that risk. Keep a close eye on the solutions given and make sound decisions.

  • Monitor and review the risks: some risks are inevitable. They cannot be avoided, thus monitoring systems should be deployed for such risks to ensure that if a factor or a risk changes, the continuity of the business is not hampered through diligent efforts.

How do Risk Management tools work?

Risk management tools identify the risks associated with the given operations and inform the business about the necessary actions. This means that if an event occurs before, during, or after the project that may lead to a cyber threat or is vulnerable, the risk management tools can detect a security data breach, drop in sales, IT compromises, and any irregularity in transactions and monitor and propose remedies to deal with these issues.

You can use and configure your risk management tool to offer a dashboard with all the threats history and prioritize based on the severity of the threats.

What are the benefits of Risk Management Tools?

Following are the benefits of using risk management tools:

Do you need risk management software?

Risk management software usage is completely based on the user's requirements. As an individual or a solopreneur, a risk management software may not be useful to you in the beginning or if the turnover of the company is not consistent.

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Risk management and assessment tools can be expensive and for small-scale actions, risks are likely to be minimal and noticeable. Thus, for a big firm or a corporation, it is less likely to be able to find flaws at such a large level. These disruptions can hamper the functioning of the company. In such a case, risk management and assessment tools are a big help to find the correct way to deal with threats.

FAQs

Which is the most effective tool for risk management? ›

The fundamental risk management tool is the risk register. Basically, what a risk register does is identify and describe the risk. It then will provide space to explain the potential impact on the project and what the planned response is for dealing with the risk if it occurs.

What tools are used for risk assessments? ›

The four common risk assessment tools are: risk matrix, decision tree, failure modes and effects analysis (FMEA), and bowtie model. Other risk assessment techniques include what-if analysis, failure tree analysis, and hazard operability analysis.

Which is the most used tool for risk analysis? ›

4 Risk Assessment Tools For All Quality Pros
  • Risk Matrix. The risk matrix is like your hammer or your screwdriver—it's the tool you'll come back to again and again in a variety of circumstances. ...
  • Decision Tree. ...
  • Failure Modes and Effects Analysis (FMEA) ...
  • Bowtie Model.
11 Oct 2016

How do you fill out a risk assessment? ›

  1. Step 1: Identify the hazards.
  2. Step 2: Decide who might be harmed and how. ...
  3. Step 3: Evaluate the risks and decide on precautions. ...
  4. Step 4: Record your findings and implement them. ...
  5. Step 5: Review your risk assessment and update if.

What are the 5 types of risk management? ›

  • Avoidance.
  • Retention.
  • Sharing.
  • Transferring.
  • Loss Prevention and Reduction.

Why do we use risk assessment tools? ›

The main purposes of completing risk assessments are: To identify health & safety hazards and evaluate the risks they pose. To assess existing control measures. To ensure additional controls are implemented wherever necessary.

What are the most common risk assessment techniques? ›

The most common techniques are Brainstorming, Delphi, Scenario analysis, Structure What If (SWIFT), Hazard and Operability Studies (HAZOP), Business Impact Analysis, Bow Tie Analysis, etc.

How do you identify top risks? ›

Risk - Compliance - Audit | University…
  1. #1 Identify critical process in business flow.
  2. #2 List and categorize the risks.
  3. #3 Challenge the risk assessment through Data and Discussion.
  4. #4 Put the Top Risks into KPI.
23 Nov 2014

What is a risk scoring tool? ›

July 09, 2019 - Risk scoring allows organizations to understand their population based on defined risk factors and anticipate the future risk of the group. A risk score is a metric used to predict aspects of a patient's care (cost, risk of hospitalization, etc.).

Can I write my own risk assessment? ›

The law requires you to do everything 'reasonably practicable' to protect people from harm. You can work this out for yourself, but the easiest way is to compare what you are doing with good practice.

How do you write a short risk assessment? ›

Step 1: Identify the hazards/risky activities; Step 2: Decide who might be harmed and how; Step 3: Evaluate the risks and decide on precautions; Step 4: Record your findings in a Risk Assessment and management plan, and implement them; Step 5: Review your assessment and update if necessary.

What is risk example? ›

Examples of uncertainty-based risks include: damage by fire, flood or other natural disasters. unexpected financial loss due to an economic downturn, or bankruptcy of other businesses that owe you money. loss of important suppliers or customers.

What are the 3 types of risk assessment? ›

Baseline risk assessments (Baseline HIRA) Issue based risk assessments (Issue based HIRA) Continues risk assessments (Continues HIRA)

What are the 5 principles of risk assessment? ›

You can do it yourself or appoint a competent person to help you.
  • Identify hazards.
  • Assess the risks.
  • Control the risks.
  • Record your findings.
  • Review the controls.

What are the 5 maintaining risk control measures? ›

When we look at control measures we often refer to the hierarchy of control measures.
  • Eliminate the hazard. ...
  • Substitute the hazard with a lesser risk. ...
  • Isolate the hazard. ...
  • Use engineering controls. ...
  • Use administrative controls. ...
  • Use personal protective equipment.

What are the six risk management techniques? ›

What are the Essential Techniques of Risk Management
  • Avoidance.
  • Retention.
  • Spreading.
  • Loss Prevention and Reduction.
  • Transfer (through Insurance and Contracts)
22 Jun 2022

How do you monitor risks? ›

Key steps for monitoring risk

Monitor your risk response plans. Identify trigger conditions. Continually analyze for new risks. Evaluate the effectiveness of your risk management plan.

What are the 7 types of risk management? ›

With strategic risk management, businesses continually review their strategies and performance to improve their services and meet customer expectations.
...
7 Types of Business Risks
  • Economic Risk. ...
  • Compliance Risk. ...
  • Security and Fraud Risk. ...
  • Financial Risk. ...
  • Reputational Risk. ...
  • Operational Risk. ...
  • Competitive Risk.
25 Aug 2020

What are the 2 types of risk assessment? ›

There are two main types of risk assessment methodologies: quantitative and qualitative.

Can you name the 5 steps to risk assessment? ›

Identify the hazards. Decide who might be harmed and how. Evaluate the risks and decide on control measures. Record your findings and implement them.

What are the six broad categories of risk? ›

6 Types of Risks To Be Managed With Enterprise Risk Intelligence...
  • Health and safety risk. General health and safety risks can be presented in a variety of forms, regardless of whether the workplace is an office or construction site. ...
  • Reputational risk. ...
  • Operational risk. ...
  • Strategic risk. ...
  • Compliance risk. ...
  • Financial risk.
8 Sept 2021

What are some examples of risk management? ›

Commonly Used Risk Management Examples
  • Risk Avoidance. ...
  • Customer Credit Risk Management. ...
  • Industry-Specific Strategy. ...
  • Elimination of Contract Risk. ...
  • Compliance Risks. ...
  • Safety Risks. ...
  • Information Security Risk. ...
  • Market Risk.
28 Jul 2022

What is the importance of risk management? ›

Importance of Risk Management

Risk management is an important process because it empowers a business with the necessary tools so that it can adequately identify and deal with potential risks. Once a risk has been identified, it is then easy to mitigate it.

Is FMEA a risk management tool? ›

The FMEA Model is a risk management tool used to identify and manage risks within projects and across entire departments and organisations. It can be a process FMEA (where the risks are process failures) or a design FMEA (where the risks are product or system-related failures).

What tool in risk analysis is used to make better decisions and to determine the most appropriate actions for both risk threats and opportunities? ›

Risk Analysis Matrix

It's main purpose is to help managers prioritize risks and create a risk management plan that has the right resources and strategies to properly mitigate risks. Risk likelihood is measured on a relative scale, not a statistical one, which makes it a qualitative risk analysis tool.

What is a risk scoring tool? ›

July 09, 2019 - Risk scoring allows organizations to understand their population based on defined risk factors and anticipate the future risk of the group. A risk score is a metric used to predict aspects of a patient's care (cost, risk of hospitalization, etc.).

What are the 3 types of FMEA? ›

Types of FMEA:

Process FMEA (PFMEA) Functional FMEA (FFMEA) / System FMEA (SFMEA)

What are the 7 steps of FMEA? ›

The 7 steps of FMEA
  • Step 1: Planning and Preparation.
  • Step 2: Structure Analysis.
  • Step 3: Function Analysis.
  • Step 4: Failure Analysis.
  • Step 5: Risk Analysis.
  • Step 6: Optimization.
  • Step 7: Results Documentation.

What are the 7 types of risk? ›

Risk Types: The different types of risks are categorized in several different ways. Risks are classified into some categories, including market risk, credit risk, operational risk, strategic risk, liquidity risk, and event risk.

What are the 5 types of risk management? ›

  • Avoidance.
  • Retention.
  • Sharing.
  • Transferring.
  • Loss Prevention and Reduction.

What are the 5 things a risk assessment should include? ›

You can do it yourself or appoint a competent person to help you.
  • Identify hazards.
  • Assess the risks.
  • Control the risks.
  • Record your findings.
  • Review the controls.

What are the most common risk assessment techniques? ›

The most common techniques are Brainstorming, Delphi, Scenario analysis, Structure What If (SWIFT), Hazard and Operability Studies (HAZOP), Business Impact Analysis, Bow Tie Analysis, etc.

How risk analysis tools can be used for assessment and reducing risks? ›

You perform a Risk Analysis by identifying threats, and estimating the likelihood of those threats being realized. Once you've worked out the value of the risks you face, you can start looking at ways to manage them effectively.

What are the 4 risk strategies for risk remediation? ›

There are four common risk mitigation strategies. These typically include avoidance, reduction, transference, and acceptance.

What are the 3 types of risk assessment? ›

Baseline risk assessments (Baseline HIRA) Issue based risk assessments (Issue based HIRA) Continues risk assessments (Continues HIRA)

How is risk score calculated? ›

The risk score is the result of your analysis, calculated by multiplying the Risk Impact Rating by Risk Probability. It's the quantifiable number that allows key personnel to quickly and confidently make decisions regarding risks.

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