Risk-Based Thinking Resource Center

Risk-Based Thinking Summary Worksheet

Here is an example of a Risk-Based Thinking Summary Worksheet.

Risk-based thinking summary worksheet.


  • Use a Reference Number to help keep track of risks.
  • The Description summarizes the risk potential.
  • The Type is either a Threat or OPPORTUNITY.
  • The Source is either BEFORE a risk occurs or AFTER it happens.


  • The greater the likelihood and more severe the impact, the higher the rating.
  • The likelihood is often rated on either an event-based scale or a time-based scale.
  • The greatest impact may be on quality, finances, safety or the environmental.

Evaluate & Prioritize

  • Calculate the relative RISK INDEX by multiplying the likelihood rating times the impact
  • A RISK INDEX can have a range from a high of 25 to a low of 1. Generally, the higher the RISK INDEX, the greater the potential threat or opportunity.
  • Prioritize risks as a high, moderate or low
  • Evaluate whether the potential solutions considered for mitigating threats are practical & feasible or cost-effective for opportunities.

Mitigate or Capitalize

  • Consider elimination and reduction approaches for threats such as Inherent Process Events, Natural Hazards and Technological Events and Willful or Intentional Misconduct.
  • Potential paths for projects to tackle opportunities include optimizing products/processes, revamping underperforming assets, entering new markets and introducing new products.


  • Use “Control Mechanisms” to make sure measures are in place that track performance to ensure improvements made continue to work as expected.