1. What Is Risk Assessment Score?

The Risk Assessment Score is a quantitative method used to evaluate potential risks by considering three key factors: Likelihood, Severity, and Exposure. This approach helps organizations prioritize risks and allocate resources effectively for risk mitigation.

2. How Does The Calculator Work?

The calculator uses the risk assessment formula:

Where:

• \( Likelihood \) — Probability of risk occurrence (Scale 1-5)
• \( Severity \) — Impact or consequences of the risk (Scale 1-5)
• \( Exposure \) — Frequency or duration of exposure to the risk (Scale 1-5)

Explanation: The multiplicative nature of the formula ensures that high scores in any category significantly increase the overall risk score, highlighting critical risks that require immediate attention.

3. Importance Of Risk Assessment

Details: Proper risk assessment is crucial for identifying potential hazards, preventing accidents, ensuring workplace safety, and maintaining regulatory compliance. It forms the foundation of effective risk management strategies.

4. Using The Calculator

Tips: Rate each factor on a scale of 1-5, where 1 represents the lowest level and 5 represents the highest level. All values must be integers between 1 and 5 inclusive.

5. Frequently Asked Questions (FAQ)

Q1: What do the scale numbers represent?
A: Scale 1-5 typically represents: 1=Very Low, 2=Low, 3=Moderate, 4=High, 5=Very High for each risk factor.

Q2: How should I interpret the final risk score?
A: Scores range from 1-125. Generally: 1-25=Low Risk, 26-50=Moderate Risk, 51-100=High Risk, 101-125=Very High Risk.

Q3: When should risk assessment be performed?
A: Risk assessment should be conducted regularly, especially when introducing new processes, equipment, or when significant changes occur in the workplace.

Q4: Are there limitations to this scoring method?
A: While quantitative, it still involves subjective judgment. It should be complemented with qualitative analysis and expert opinion for comprehensive risk evaluation.

Q5: Can this method be used for all types of risks?
A: This method is versatile but may need adaptation for specific industries or unique risk scenarios. Always consider industry-specific guidelines and regulations.