Business Risk Assessment Table
A risk assessment is a process to identify potential hazards and analyze what could happen if a hazard occurs. This is different from a business impact analysis (BIA) as a BIA is the process for determining the potential impacts resulting from the interruption of time sensitive or critical business processes.
As you conduct the risk assessment, look for vulnerabilities—weaknesses—that would make an asset more susceptible to damage from a hazard. Vulnerabilities include deficiencies in building construction, process systems, security, protection systems and loss prevention programs. They contribute to the severity of damage when an incident occurs. For example, a building without a fire sprinkler system could burn to the ground while a building with a properly designed, installed and maintained fire sprinkler system would suffer limited fire damage.
For more information on risk assessments, visit Ready.gov
Risk Assessment (Ready.gov)