risicometer

Risicometer, from the Dutch term for risk meter, is a risk assessment instrument used to measure and communicate risk levels in projects, organizations, or processes. The concept is common in Dutch-speaking risk management contexts and is also encountered in English-language materials as riskometer. A risicometer typically presents a concise risk indication that combines likelihood and impact to produce a single score or a simple visual category, allowing stakeholders to grasp risk exposure at a glance.

Methodology and output: The tool relies on identifying relevant hazards or threats and assigning estimates of probability (how likely) and consequence (how severe). Scores are often aggregated via a mathematical rule such as multiplication, or mapped through a risk matrix to a qualitative category. Common outputs include a numeric risk score and a color code (for example green = acceptable, amber = warning, red = high risk). Some implementations also show trend indicators or control effectiveness.

Applications: Risicometers are used in project management, construction, safety programs, healthcare, IT security, finance, and environmental risk assessments to prioritize mitigations and monitor changes over time.

Strengths and limitations: The risicometer is valued for simplicity, clarity, and quick communication. Limitations include reliance on subjective judgments, potential oversimplification of complex interdependencies, and sensitivity to data quality.

See also: risk assessment, risk matrix, risk register, hazard analysis, ISO 31000.