Business Risk Assessment Template and Good Practice Example

All Industries, Financial Model, General Excel Financial Models

Dashboard, Management, Project Management

Business Risk Assessment Example and Template: Risks, Assessment, and Mitigation (updated 2022 to include Emerging from COVID-19 risks) Effective and proportionate Risk Assessments are essential to a business and are a core skill for running a business. Indeed, since COVID-19, the spotlight on effective management of risk has been never brighter. This template is designed to support you in developing a very easy-to-follow and very effective risk assessment for your business or a business you are working with. This is a high-quality, simple, systematic, and professional means of managing risk. Critically, it is also proportionate – ensuring the user doesn’t fall into the trap of creating work and bureaucracy.

The template also includes an actual, good practice business risk assessment example that will prompt your thinking around business risks that might be relevant to your business, how to assess them, and different ways to resolve (or mitigate) the risk. The example includes risks associated with COVID-19, including risks associated with businesses emerging from the pandemic and the new normal and how those risks are being actively managed. The template can be followed and completed and can form the foundation of your approach to risk management.

This can act as a stand-alone document, as the basis for a risk register, or be part of any other documentation relevant to your business, such as business plans and reports, among others. Overall, the risk assessment tool will guide you through step-by-step instructions to identify, assess, and manage the risks of a business and present them in one place. This includes the automatic updating of the overall risk rating.

Objective 1 To guide a business or someone working with a business on the development of a highly effective and professional business risk assessment.

Objective 2 To provide an example of a good practice business risk assessment that can be used to prompt thinking and design a bespoke risk assessment.

Objective 3 To prompt thinking on emerging and living with COVID-19 risks with examples of specific risks, assessment, and approaches to dealing with such risks.

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