1. What is Risk Assessment Score?

The Risk Assessment Score is a quantitative method for evaluating potential risks by considering three key factors: likelihood, impact, and vulnerability. It provides a comprehensive approach to multi-factor risk quantification in various domains including project management, security, and business operations.

2. How Does the Calculator Work?

The calculator uses the risk assessment formula:

Where:

• \( Likelihood \) — Probability of risk occurrence (scale 1-5)
• \( Impact \) — Severity of consequences if risk occurs (scale 1-5)
• \( Vulnerability \) — Susceptibility to the risk (scale 1-5)

Explanation: This multiplicative approach ensures that all three factors contribute proportionally to the final risk score, providing a balanced assessment of overall risk exposure.

3. Importance of Risk Assessment

Details: Proper risk assessment is crucial for identifying potential threats, prioritizing mitigation efforts, allocating resources effectively, and making informed decisions to protect organizational assets and objectives.

4. Using the Calculator

Tips: Rate each factor on a scale of 1-5, where 1 represents low/minimal and 5 represents high/severe. All values must be integers between 1 and 5 inclusive.

5. Frequently Asked Questions (FAQ)

Q1: What do the different score ranges indicate?
A: Scores range from 1-125. Lower scores (1-20) indicate low risk, moderate scores (21-60) indicate medium risk, and higher scores (61-125) indicate high to critical risk levels.

Q2: How should I interpret the likelihood scale?
A: 1=Very Unlikely, 2=Unlikely, 3=Possible, 4=Likely, 5=Very Likely to occur.

Q3: What does impact scale represent?
A: 1=Negligible impact, 2=Minor impact, 3=Moderate impact, 4=Major impact, 5=Catastrophic impact on operations.

Q4: How is vulnerability defined in this context?
A: Vulnerability measures the system's susceptibility: 1=Well protected, 2=Moderately protected, 3=Average protection, 4=Poorly protected, 5=Highly vulnerable.

Q5: Can this model be used for all types of risk assessment?
A: While generally applicable, specific industries may require customized factors or weighting. This model serves as a fundamental framework for most risk assessment scenarios.