Risk assessment and risk management are concepts you’ve likely encountered if you’re one of the decision-makers in your organization. Although you may have other resources on-hand to mitigate certain business risks, this template is specifically designed to be both flexible and thorough. Risk Assessment and Management is more than just a template for risk assessments. This template has four tables, organizing all the information in multiple views. The first step in customizing this database for your company is adding entries for each of your departments to the Departments table. After that, insert all of your company’s risk managers into the Managers table. Then, you should list all potential business hazards in the Risks table so that you can fully assess them. Finally, monitoring logs should be kept in the Updates table. Check out the following tables and views to discover how this template can benefit you or your business:

Risks

This is the database’s main table, and it is linked to all of the other tables. It enables you or your risk managers to organize and view all risk assessments identified in your organization. Every record with a critical risk rating has a red bar on the left border.

Fields

• Title. A unique title that serves as this record’s identifier.
• Department. This field is linked to the Departments table, indicating the assigned group or department for this risk assessment.
• Description. This field contains record-specific information that describes the specifics of the risk that must be mitigated.
• Consequences. This field specifies the risk’s repercussions if left unresolved. It specifies who or what will be affected if the risk is not mitigated.
• Probability. A selection field indicating the likelihood of this risk occurring.
• Impact. A selection field indicating the potential impact or severity of this risk.
• Risk rating. A formula field that computes the combination of the consequences and the likelihood of this risk, based on the Probability and Likelihood fields.
• Control activities. A detailed list or plan of activities that must be undertaken to mitigate this risk.
• Control owner. This field is linked to the Managers table, indicating the risk manager in charge of leading and implementing the plan stated in the Control activities field.
• Control supervisor. This field is linked to the Managers table, and it specifies a different manager who has been assigned to peer review, monitor, or track the progress of this risk’s resolution. This is an optional field.
• Expected success rate (%). This number field shows the chance (in percentage) that the planned control activities will resolve the risk.
• Residual risk rating. This formula field computes the risk level that remains based on the Risk rating and Expected success rate (%) fields.
• Contingency. This is a field where you can write about another plan that will be used if the control activities don’t work.
• Updates. This field is linked to the Updates table, which links all update information related to this risk’s progress.
• Status. This is a single select field indicating whether this risk is still open or resolved. If all risk controls have not yet been implemented, then choose open. Otherwise, choose resolved.
• Log date. The date and time this record was created.
• Attachments. Any file or technical document related to this risk.
• Risk rating raw. This is a formula field that computes the numeric product of the Probability and Impact fields of this risk. The Risk rating field makes use of this field. This field is hidden by default.
• Residual rating raw. This is a formula field that figures out how much risk is left after the control activities have been done. The Residual risk rating field makes use of this field. This field is hidden by default.

Views

• All risks. Displays all risk assessments without filters, sorted alphabetically by Title from A to Z.
• Critical risks. Displays all open risk assessments with critical risk rating, sorted alphabetically by Title from A to Z.
• Severe risks. Displays all open risk assessments with severe risk rating, sorted alphabetically by Title from A to Z.
• Moderate risks. Displays all open risk assessments with moderate risk rating, sorted alphabetically by Title from A to Z.
• Minimal risks. Displays all open risk assessments with minimal risk rating, sorted alphabetically by Title from A to Z.
• Add risk assessment. Displays a form view for adding risk assessments to this database.
• Risks by probability. Displays a kanban view of risk assessments, stacked according to the Probability field.
• Risks by impact. Displays a kanban view of risk assessments, stacked according to the Impact field.
• Risks by status. Displays a kanban view of risk assessments, stacked according to the Status field.

Managers

List all the risk managers in your organization in this table. Risk managers can be the top leaders of your company, consultants or partners, department managers or assistant managers, or even the people in charge of the operations team. This is not just a directory; this table also shows you a statistical overview of risk managers’ risk assessments.

Fields

• Name. The risk manager’s full name.
• Photo. This manager’s photograph.
• Level. A selection field that indicates this manager’s level or rank.
• Department. This field is linked to the Departments table, specifying the department or group this manager belongs to.
• Local extension number. This is this manager’s internal business phone extension number.
• Phone number. This manager’s current phone number.
• Email. This manager’s email address.
• Remarks. Any notes or snippets about this manager.
• Is active. A checkbox indicating whether this manager is still with the organization or not.
• Risk count. A formula field that computes the total number of risks assigned to this manager.
• No. of critical risks. A formula field that computes the total number of critical risks assigned to this manager.
• No. of severe risks. A formula field that computes the total number of severe risks assigned to this manager.
• No. of moderate risks. A formula field that computes the total number of moderate risks assigned to this manager.
• No. of minimal risks. A formula field that computes the total number of minimal risks assigned to this manager.
• Related risks. This field is linked to the Risks table, connecting managers from this table with risk assessments found in the Risks table. This field is hidden by default.
• Related monitoring. This field is linked to the Risks table, specifying risk assessments where this manager is tasked to monitor or supervise. This field is hidden by default.
• Related updates. This field is linked to the Updates table, which links this manager with the updates this manager created. This field is hidden by default.

Views

• All managers. Displays all risk managers without filters, sorted alphabetically by Name from A to Z.
• Critical risk managers. Displays all managers managing critical risks, sorted alphabetically by Name from A to Z.
• Severe risk managers. Displays all managers managing severe risks, sorted alphabetically by Name from A to Z.
• Moderate risk managers. Displays all managers managing moderate risks, sorted alphabetically by Name from A to Z.
• Minimal risk managers. Displays all managers managing minimal risks, sorted alphabetically by Name from A to Z.
• Active managers. Displays a gallery view of active managers, sorted alphabetically by Name from A to Z.
• Manager by level. Displays a kanban view of risk managers, stacked according to the Level field.
• Add a manager. Displays a form view that facilitates adding new risk managers to this table.

Departments

There are many different kinds of departments, such as those that deal with finances, research and development, human resources, marketing, etc. In large and medium-sized companies, it’s common for these departments to work together to complete business tasks. Use this table as needed to fit your organization’s needs.

Fields

• Name. The name of this department.
• Description. A detailed description of this department
• Manager count. A formula field that computes the total number of risk managers assigned to this department.
• Is active. A checkbox indicating whether or not this department is still operative in this organization.
• Risk count. A formula field that gets the total number of risk assessments related to this department.
• No. of critical risks. A formula field that computes the total number of critical risks related to this department.
• No. of severe risks. A formula field that computes the total number of severe risks related to this department.
• No. of moderate risks. A formula field that computes the total number of moderate risks related to this department.
• No. of minimal risks. A formula field that computes the total number of minimal risks related to this department.
• Related managers. This field is linked to the Managers table, specifying all managers who belong to this department. This field is hidden by default.
• Related risks. This field is linked to the Risks table, specifying all risk assessments related to this department. This field is hidden by default.

Views

• All departments. Displays all departments without filters, sorted alphabetically by Name from A to Z.
• Active departments. Displays a gallery view of active departments, sorted alphabetically by Name from A to Z.

Updates

This table should hold all major and minor activity updates that are used to keep track of how the control activities are being put into place.

Fields

• ID. A unique numeric identifier for this record.
• Risk. This field is linked to the Risks table, indicating the risk assessment this update is for.
• Log date. The date and time this record was created.
• Description. A brief description of the progress for the related risk assessment.
• Updated by. This field is linked to the Managers table, specifying the risk manager who created this update.
• Attachments. Any file or technical document related to this update.
• Title for sorting. This is a formula field that enables sorting records alphabetically according to Risk title by duplicating the values in the Risk field as plain text, at the same time grouping updates per risk assessment. This field is hidden by default.

Views

• All updates. Displays all updates without filters, sorted alphabetically by Title for sorting then by Log date from the most recent to the oldest.
• Add an update. Displays a form view for adding new updates to risk assessments.