Business Risk Assessment Template – Free PDF

Business risk assessment template

Our business risk assessment template gives you a practical framework for analyzing and documenting operational threats across your entire organization. You can log risk categories, assess likelihood and impact, assign owners, and record mitigation actions, all in a format designed for real-world business processes.

Facing evolving risks is the norm, with KMPG reporting that 47% of organizations experienced at least one project failure in a year. This template encourages setting up a consistent, scalable process to stay ahead. For more specific scenarios, see our project, vendor, or cyber security risk assessment templates too.

Related categories

Preview of the template

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Operational Risks

Are there any process inefficiencies or breakdowns?

Are there any supply chain disruptions or delays?

Is there a risk of equipment failure or downtime?

Are there any issues with vendor or partner performance?

Describe any operational risks in detail

Recommendations

Financial Risks

Is there a risk of cash flow issues or liquidity problems?

Are there any concerns around customer credit or payment delays?

Is there a risk of cost overruns or budget variances?

Are there any currency fluctuations or exchange rate risks?

Describe any financial risks in detail

Recommendations

Legal & Compliance Risks

Are there any regulatory changes or new compliance requirements?

Is there a risk of lawsuits, claims or other legal disputes?

Are there any data privacy or cybersecurity concerns?

Is the organization exposed to any reputational risks?

Describe any legal or compliance risks in detail

Recommendations

Strategic Risks

Is there a risk of market disruption or competitive threats?

Are there any challenges with achieving growth or expansion plans?

Is the business model or product portfolio under threat?

Are there any leadership or talent management issues?

Describe any strategic risks in detail

Recommendations

Action Plan

Comprehensive action plan

Timeline for implementation

Frequently asked questions

What are the common risks businesses face today?

Common risks include financial instability, supply chain disruptions, data breaches, regulatory non-compliance, workplace safety incidents, and reputational threats. In recent years, cyber security risks and third-party supplier risks have become especially critical for organizations of all sizes.

Why do many risk assessments fail to prevent problems?

Many risk assessments fail when they are treated as a checkbox exercise or not updated regularly. If input is too narrow, risks may be missed, or controls might not be enforced in daily operations. To be effective, risk assessments should be ongoing, practical, and actively used for decision-making.

What are the biggest challenges in implementing a business risk assessment process?

One challenge is getting everyone to recognize the value of risk management. Others include lack of leadership support, insufficient data, siloed information, and resistance to change. Making the process user-friendly and showing real impact on business outcomes can help overcome these barriers.

What’s the difference between a business risk assessment and other types of risk assessments?

A business risk assessment looks at all operational, strategic, and compliance risks facing an entire organization, not just one area. By contrast, specialized risk assessments—like fire, project, or vendor risk—focus on specific threats. Business risk assessments allow you to see the big picture and connect all risk domains.

This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.