No business is without risk, but this doesn’t mean that every business or property faces the same risks and challenges on a day-to-day basis. Rather, these risks apply to a specific business model. That means you must address each concern with a unique approach. Creating a risk assessment template is an effective way to mitigate this in your portfolio. It allows you to analyze the vulnerabilities specific to each property.
Templates will help you closely examine the right aspects of your property. Then you can collect accurate, up-to-date information on its systems. Here’s how you can set up a risk assessment template that works for each property in your portfolio.
Define Your Risks
Before you get into the specifics of setting up your template, you should define what risk means to you. This starts with deciding what type of risks you’d like to assess. Some of the most common types of risk include:
- Life safety
- Emergency maintenance
- Compliance risk
- Shareholder risk
- Employee satisfaction/attrition
There are a variety of others that may relate to your property’s use. Decide which suits your needs, and then consider where you would like to identify risk. Is this risk assessment portfolio-wide, or only within particular regions or industries? Deciding this before you build your risk assessment template will help you maximize its benefits for your firm.
Build Your Risk Assessment Template
The quickest, easiest way to build a risk assessment template is to use your assessment software. 4tell™ software offers pre-built forms with built-in quality control features. This will ensure that your assessor ticks every checkbox.
You’ll be able to define your risks up front and highlight any components that relate to this risk. You’ll also want to identify sister components that can affect the performance of your main focus. For example, if you’re conducting a roof assessment, you’ll also want to look at walls and joists to identify any deficiencies.
4tell™ can help you achieve this level of focus without compounding your workload. The risk assessment templates are easy to build and deploy on mobile devices. They make it simple to keep your data up-to-date and accurate.
Property Condition Assessments vs. Risk Assessments
During a property condition assessment, your assessor would look at every system and component on the property. The idea is to get a complete picture of its condition. Risk assessments are different. Rather than conducting a general assessment, your assessor will have a specialized task that examines a particular type of risk.
To accomplish this, your assessor will need a risk assessment template that covers the factors that contribute to that risk. For instance, say you’re conducting a disability assessment. You’d want your assessor to look at accessible entrances, stairs, elevators and signage. There is no reason for them to also look at HVAC systems or the building’s roof.
Find and Analyze Risks
Risk assessment reports are a must-have for properties in any industry. From banks to restaurants to office parks, every building has its own unique concerns. The assessment process must address these. With a robust template, you’ll learn the best ways to prevent risks on your properties. The result: your organization will become a safer, more adaptable portfolio manager.
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