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Business risk assessment template

Business risk assessment template

Use this template to uncover possible risks and develop effective mitigation strategies. Customize it to fit your industry-specific needs and streamline your risk management process.

Use this template
or download pdf
Business risk assessment template

Use this template to uncover possible risks and develop effective mitigation strategies. Customize it to fit your industry-specific needs and streamline your risk management process.

Use this template
or download pdf

About the Business risk assessment template

Identifying and managing risks is vital for any business. Our business risk assessment template allows you to systematically evaluate potential threats across various domains, from operational inefficiencies to financial uncertainties. This tool guides you through a comprehensive assessment, ensuring you can proactively address risks and safeguard your business.

With our business risk assessment template, you can streamline the risk evaluation process, making it easier to document and analyze potential issues. Whether you’re concerned about supply chain disruptions or legal compliance, this template provides a structured approach to identify, describe, and mitigate risks effectively.

Key elements of the business risk assessment template

The business risk assessment template consists of the following components for a thorough and structured evaluation:

  • Operational risks – This section focuses on identifying and documenting risks related to the daily operations of your business. By highlighting inefficiencies, disruptions, and performance issues, you can pinpoint operational weaknesses and develop strategies to mitigate them.
  • Financial risks – Examine financial stability by assessing potential cash flow issues, credit concerns, and budget variances. This section helps you understand financial vulnerabilities so your business can maintain economic health and prepare for fluctuations.
  • Legal and compliance risks – These involve regulatory changes, potential legal disputes, and data privacy concerns. By being meticulous with this section, you can remain compliant with laws and protect your business from legal and reputational harm.
  • Strategic risks – Strategic risks focus on long-term goals and market positioning. Being mindful of these allows you to develop strategies for maintaining a competitive edge and achieving business objectives.
  • Action plan – In the final section, you’ll outline a comprehensive plan that covers all identified risks. You’ll translate your risk assessment into actionable tasks here, promoting proactive risk management.

How to customize your business risk assessment template

It’s easy to customize the business risk assessment template so it fits your organization’s unique needs and structure.

First, tailor the risk categories based on your industry concerns. For example, a tech company might focus more on cybersecurity risks, while a manufacturing firm might emphasize equipment failures.

Next, enhance your template by incorporating various input types for more detailed data collection. For example, you can use text fields for detailed descriptions, checkboxes for quick yes/no responses, and dropdown menus for selecting risk levels.

It’s also possible to utilize conditional logic in the app to streamline the assessment process. If you answer “Yes” to a question about supply chain disruptions, additional fields can appear to capture details about the nature and duration of the disruption. Similarly, if a “No” is selected for equipment failure, the template can skip related follow-up questions.

Download Lumiform’s business risk assessment template today

Use our versatile template to streamline your risk identification and mitigation processes. With features like conditional logic and customizable fields, it allows you to document important details conveniently. Start using the template now to enhance your organization’s risk management strategy. Tailor it to your specific needs and make informed decisions with ease!

Related categories

  • Risk management and compliance templates
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  • Professional services templates
  • Risk assessment templates
  • Templates for business processes
Preview of the template
Page 1
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

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Access a complete set of resources aimed at maximizing safety, quality, and operational excellence, including detailed guides, related templates, and real-world use cases.

Topic guides

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Frequently asked questions

What is a business risk assessment template used for?

A business risk assessment template empowers you to systematically identify, evaluate, and manage potential risks in your organization. It’s a structured approach to uncovering vulnerabilities across various domains like operations, finance, and compliance. This template ensures you don’t miss critical risks that could impact your business.

How often should I update my business risk assessment?

You should update your business risk assessment at least every year, but more frequently if there are significant changes in your business environment. For example, new regulations, market shifts, or internal changes like adopting new technology can introduce new risks that need to be assessed promptly.

Can I customize the template for specific departments?

Yes, customizing the template for different departments can make your risk assessment more effective. For example, your marketing department might need to focus on brand reputation risks, while your HR department might prioritize employee safety and compliance issues. Tailoring the template ensures relevant risks are addressed.


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.
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