Business Risk Assessment Checklist

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Risk Assessment Preparation:

• Risk assessment practice identifies all potential hazardous circumstances threatening your assets or business operations, and it has an aim to measure the quantitative and qualitative values of dangers (risks) associated with potential hazards embedded into different business situations;
• Risk assessment learns two major components:
  • Severeness of expected damage;
  • The probability that such problems will occur;
• Risks can be formulated in general terms giving you a danger overview, and also can be broken down into smaller risk elements;
• Create an empty template (table) with columns: Processes, Risks, Probability, (Loss) Severity and Mitigation;

Risk Assessment Process:

• Define Processes that are included into your business activity:
  • For example: Sales, Production, Delivery;
• Decompose each of your processes into smaller elements;
  • Let’s say Delivery includes the following matters:
    • Vehicle that transports products;
    • Products to be transported;
• Consider the most probable threats associated with the process’s elements (imagine undesirable situations that may happen on this process):

Delivery process can become more expensive because of the following threats:

• Goods can become mechanically spoiled while being transported;
• Delivery can be critically delayed or cancelled;
• Define the most probable reasons causing each of the detected threats:
  • Delivery can be delayed or cancelled because of:
    • Vehicle transporting the ordered goods can get accidentally disabled;
    • Delivery may get hampered because of certain external conditions;
  • Goods can become spoiled due to:
    • Improper encasement or fixing inside of vehicle;
    • Improper approach while handling the packaged goods;
• Sub-divide each of these reasons into some probable underlying risks (fill in Risks):
  • Vehicle can get accidentally disabled because of:
    • Breakages (making vehicles fully disabled to move, or making them less effective);
    • Road accidents;
  • Delivery may get hampered because of:
    • Traffic jams that can seriously prolong pre-planned delivery time;
    • Irrational delivery route has been selected;
• Estimate the Probability of these risks in a simple manner: you may qualify them as Critical, High, Medium or Low, along with a brief background explanation, for example:
  • Vehicle breakages: Low, because your vehicles are quite new and you have a good system of routine service to prevent unforeseen breakages;
  • Traffic jams: High, because traffic in your location is poorly planned, therefore jams are usual on local roads;
  • Road accidents: Medium, even though your vehicle drivers are qualified and traffic is well-regulated, roads are still overcrowded and statistics on road accidents is high enough;
  • Irrational delivery route: High, transportation routes are not being objectively justified on a regular basis in your company;
• Using your historical business data, conduct a frequency evaluation of these risks to know how often your processes have suffered from the listed troubles in reality, for example:
  • 4 cases of delivery last month were significantly delayed because of traffic jams;
  • 2 cases of delivery last month were totally procrastinated because of road accidents;
• You may assume a farther backtracing horizon...

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