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RAPID – Risk Assessment Probability and Impact Diagnostic

In an increasingly complex and evolving world, many organisations are concerned they do not fully understand all of the risks they face.

Organisations need an effective process for clarifying where the important issues lie so they can prioritise accordingly.

What is RAPID?

RAPID is designed to provide an efficient and effective way of understanding the risks that organisations face.

RAPID can also be used to assess risk around specific activities such as IPO’s, product launches and acquisitions.

Identification of key risks and appropriate mitigation helps to ensure that strategies, be they long or short-term, are more likely to succeed.

Experienced risk professionals will use RAPID to:

  • Identify and accurately define an organisation’s risks
  • Investigate root cause and determine consequences
  • Assess impact and likelihood on a consistent basis for all risks across the business
  • Prioritise and focus on key issues
What are the benefits? The benefits of RAPID include:
  • Increased compliance in corporate governance, legal and regulatory requirements
  • Increased likelihood of achieving objectives and delivery of business plans
  • Consistency in the risk assessment process, addressing uncertainty and assumptions
  • Improved stakeholder confidence and trust
  • A more proactive management of risk
  • Improving identification of opportunities and threats (including the earlier exploitation of opportunities)
  • More cost-effective or wider insurance cover
  • efficient utilisation of capital and resources through effective cost/benefit analysis
  • A better protected brand and reputation
  • Better informed decision making
  • Improved mandatory and voluntary reporting

Contact us:

For further details please contact your local Willis Towers Watson office.

RAPID factsheet:

Case study:

The CEO of a UK group of companies, which supplies specialist claims handling services to the civilian aviation industry, needed an assessment of the organisation’s strategic risks prior to a potential change in ownership.

Willis Towers Watson ran a RAPID which would have formed part of the due diligence process in the event of a takeover or management buyout (MBO).

The process included one-to-one interviews and workshops facilitated by Willis Towers Watson specialists. All participants contributed and the major strategic risks were identified, defined, evaluated and prioritised.

The process continued to evaluate potential controls for some of the identified risks. The company took on board the process and continue to review their strategic risks and update the risk register on a six-monthly basis.

Willis Towers Watson provided the tools, knowledge and expertise to facilitate the exercise, thereby providing the organisation with a focussed assessment of the key threats to business objectives and a methodology for the ongoing systematic approach to risk identification and evaluation.