As mentioned previously in Identification, a thorough risk assessment on a large project will inevitably result in many risks being captured. Even after appropriate identification and referencing of a risk, a system of ranking the risks must be introduced in order that the most harmful risks are dealt with first.
Each company undertaking a project will have a set of business goals, these could be anything from increasing performance, reducing costs, working more safely, etc. These business goals could also be considered as impact categories i.e. area’s where companies wish to keep the level of risk as low as possible, so that business objectives can be met successfully. RISK-ELMIN8 has been designed to evaluate each risk against these ‘impact categories.’