Business Risk Assessment Template and Good Practice Example (Excel XLSX)

Business Risk Assessment Template and Example Risks, Assessment and Mitigation (updated to include Covid-19 risks)

Effective Risk Assessments are critical 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. 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 and how they 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, 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.

This template is structured to ensure comprehensive coverage of all potential business risks. It includes a detailed risk register that categorizes risks by their impact on various business functions, such as customer experience, key activities, and financial performance. The template employs a straightforward scoring system to evaluate the probability and impact of each risk, facilitating a clear prioritization process. The inclusion of a practical example provides a benchmark for best practices, making it easier to identify, assess, and mitigate risks effectively. This tool is indispensable for any business aiming to maintain resilience and agility in an ever-changing environment.