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Risk Assessment Template for Word, PDF, Excel

Ensure your business is protected and avoid unnecessary risks with our free template!

    Download Free Template

    Available for Word & PDF & Excel

    Template Highlights

    What is a risk assessment template?

    A risk assessment template is a tool used to examine various risks (e.g., financial, human safety) based on severity and probability. In a risk assessment, actions are proposed to reduce or eliminate certain risks. 

    A safety risk assessment might cover trips and falls in the workplace, whereas a project risk assessment could examine operational challenges like cost overruns and missed deadlines. 

    What does this risk assessment template include?

    Our template includes the following:

    • Company name, person conducting risk assessment, date of the risk assessment conducted
      Risk type: Financial, operational, reputational, human safety, other
    • Risk description
    • Source of risk
    • Risk matrix and severity level
    • Actions to minimize risk
    • Approving official
    • Comments

    Benefits of a risk assessment for your business

    A risk assessment template can serve as the blueprint for evaluating potential risks and offers many advantages for your business, including:

    Awareness

    Risk assessment promotes awareness of risks within an organization and may increase compliance with risk reduction activities. 

    Measurement

    Risk assessment helps you determine the likelihood and severity of risks. This lets you better target the most important risks.

    Results 

    Conducting a thorough risk assessment can help you address potential risks proactively. This way, you can better prevent or minimize any resulting impact or damage stemming from those risks. 

     

    A free risk assessment template with no information added.

    How to use this risk assessment template

    Here’s how to get started with your risk assessment: 

    Step 1

    Download our free risk assessment template in Word, Excel, PDF, or Google Docs. 

    A risk assessment template filled to describe the risk types and what the risk entails.

    Step 2

    Enter one or more risk types and describe the risk involved.

    A risk assessment template filled to describe what may cause the risk.

    Step 3

    Include the source(s) of the risk. 

    A risk matrix containing numbers to categorize the likelihood of a risk occurring and the severity of the consequences.

    Step 4

    Next, review the risk matrix. This categorizes risks based on the likelihood and severity of consequences. 

    A risk assessment template filled to describe the severity of the risk and the actions to mitigate the risk.

    Step 5

    After using the risk matrix, enter the risk severity level (which you learn from the risk matrix) and outline the steps needed to mitigate any risks. 

    A risk assessment template filled to note the review date and final comments before the plan goes into action.

    Step 6

    Lastly, date and sign the risk assessment template and leave any comments for future reference. 

    Frequently Asked Questions

    Just enter some contact details like your name and email. After that, you’re ready to go. 

    You can multiply the risk likelihood value by the risk consequences value or simply follow the chart. The color coding helps you identify risk levels easily. 

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