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Free Excel Risk Assessment Tools

written by: Misty Faucheux • edited by: Ronda Bowen • updated: 10/21/2010

Risk is inherent in all projects, and you need to take it into account when planning for your project. But, what if you have never done a risk assessment? Well, here are some free Excel risk assessment tools to help you.

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    Using Excel for Risk Assessment

    Risk assessment involves figure out how much or how little a particular threat could derail your project. Risks are generally categorized by their potential impact. If a risk has a high probability of derailing a project, then the next thing that you need to figure out is whether or not there is a high probability of that risk happening.

    If there is a good chance that the risk will occur, then you need to deal with it beforehand. Or, you at least need to come up with a plan to tackle it once it does occur. One way to plan and/or deal with risks is via free Excel risk assessment tools.

    Microsoft Excel is a tool that most organizations already use. So, it generally costs you nothing or very little to use this as a risk assessment tool. Next, Excel has the ability to calculate functions, and you can create multiple worksheets within the same worksheet. This allows you to quickly compare different situations and determine risk threat.

    You Excel worksheet functions similarly to the white board, except that it’s online. This allows you to share the worksheet amongst different team members, not matter where they are located.

    If you have never used Excel for risk assessment, then you need some examples, but you don’t want to pay an arm and a leg to get them. This is where the free Excel risk assessment tools help. But, you need to know where to look to find them. The web is the easiest place to start.

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    Risk Management System

    One place that has a number of different free risk assessment templates is the BankersOnline.com website. Their Risk Management portal Risk Assessment Tool features user-uploaded tools for risk assessment. These tools are in one of three formats: Excel, Word or PDF.

    While these tools are aimed towards the banking industry, you can use many of these tools for other industries as well.

    For example, the Risk Management System is an Excel worksheet that breaks down the risk process. The worksheet makes you identify the risk, put it into a category and then measure the risk associated with that particular risk. Then, it has spaces for you to put in how you plan on monitoring and dealing with the risk.

    This tool also has a place for a date, which allows you to keep track of when the risk was addressed. You can also print this out and put it in the file for the project.

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    Task Risk Assessment Free Tool

    Another site that offers free risk assessment tools is SafetyPhoto.co.uk. This is a UK site, but the tools are still applicable to American markets. Again, this site offers a number of different templates in Word, Excel and PDF formats.

    The major Excel risk assessment tool is the Task Risk Assessment. This is a comprehensive risk assessment and control tool, and again you must date this one as well. But, this one goes into more detail of the risks associated with each step of the task, including the description of the risk, effect and who will be affected by the risk.

    It also forces you to think about the potential impact of the risk and what you are planning on doing to control it.