What tool is used to gather individual assessments of various characteristics of risk, such as frequency of occurrence and degree of impact?

The risk scorecard is a tool used to evaluate and summarize individual assessments of various risk characteristics, including the frequency of occurrence and the degree of impact. It provides a structured framework that allows practitioners to assign numerical values to different risks based on their likelihood and consequences. This quantification facilitates comparison among risks and aids in prioritizing them for effective management.

Additionally, a risk scorecard may incorporate multiple criteria, such as financial impact, reputational effects, and compliance implications, leading to a comprehensive evaluation of the organization's risk landscape. It serves as a critical component in developing risk management strategies and communicating risks to stakeholders.

In contrast, while a risk checklist serves as a useful reference tool for identifying potential risks, it does not typically quantify them in the same way. A risk matrix allows for visual representation of risks based on their likelihood and impact but does not gather individual assessments as comprehensively as a scorecard does. A risk report summarizes and synthesizes findings related to risks but is not primarily a tool for gathering assessments.