Risk assessment is the process of determining the likelihood of the risk occurring, and the impact the risk will have if it does occur. By combining these two assessments, you can see just how impactful the risk could be and make a conscious choice about how much effort you want to devote to preventing it from occurring. Risk can then be ranked against one another, so that you can prioritise which risk impacts should be prevented or minimised first.
Treating risk is a method of developing plans and initiatives to prevent the risk from occurring. Treatments are actions that will reduce the likelihood of the risk occurring or will lessen the impact if it does occur. Riskcom can assist with each stage of this process to find solutions that work for your business.