Risk assessment

A risk assessment is a structured way of working with risk assessments.

Basically, there is no topic that can't be risk assessed - it can be anything from health and safety, injuries and errors to a customer not paying their invoice to a company.

In this article, we focus on risk assessment in general, how you can work with risk assessment - and how risk assessment of customers can be relevant, especially financial risks.

How do you work with risk assessments?

There are many ways to work with risk assessments - and it often depends on what you want to assess, in which industry and in which area.

For example, banks and mortgage companies have their own procedures, requirements and rules to follow when conducting risk assessments - and often have their own tools for conducting a risk assessment.

Du kan ligeledes benytte eksterne værktøjer til risikovurderinger – eksempelvis kredittjek, hvis du ønsker at vurdere risikoen for, at en kunde betaler dig – mens der ligeledes findes frameworks og metoder til at vurdere andre former for risiko.

Risk can be approached both methodically, where the risk is calculated as an actual number, parameter or similar - or based on a subjective analysis. Good risk assessments will usually consist of a combination of the two; personal subjective analysis in interaction with a model, an analysis tool, an accounting system or similar.

Risk assessment model

There are a number of frameworks and models for working with risk and risk assessments.

One known method is a classic X-Y axis model.

• The X-axis consists of the consequences of an action.
• The Y-axis consists of the probability of the action happening.

The higher up the Y-axis, the higher the probability - while the consequence increases the further you move along the X-axis.

Credit rating and risk assessment

If you work with customers - corporate or private - you will often need to risk assess them - typically in connection with payment or collaboration in general.

This means it can be a good idea to use an external tool such as a credit rating. A credit rating or KYC tool provides insight into the customer and their financial situation - all of which you can use in your (risk) assessment of the customer.

Use Qatchr in your risk assessment of customers and partners

Qatchr er en online og brugervenlig platform, der er udviklet til virksomheder, der bl.a. ønsker at foretage kredittjek, analyser, KYC og lignende over deres kunder.

Qatchr can help you with everything a modern business needs when it comes to customer risk assessments - in the financial area.

For example, we can also help you validate your customer data and information.

Get a free, no-obligation Qatchr review today - reach out to us.