HDS Risk Assessment Tool is a powerful tool for gathering and monitoring risks on your Multifamily properties. As an add-on module to the HDS Multifamily Management System, the R.A.T utilizes the comprehensive, centralized HDS database, to populate fields using existing agency data in the HDS Asset Management module. The tool allows an agency to capture, monitor and mitigate property-based risks such as cost overruns, inconsistencies in physical asset inspections, and levels of vacancy and occupancy rates, among other features.
The flexibility of this tool., and it’s use of user defined calculations in the HDS Calculations Engine enables the user to create agency-defined risks based on a calculation or group of calculations. For example, risk criteria may be set on a maximum amount of risk, or an assigned amount of risk, based on where a value falls within a defined range of weighted averages of risks. These user-defined templates can then be saved for later use or printed.
Within the HDS System, Risk Assessment templates are displayed based on a property’s process type and effective date. The tool incorporates a scoring methodology of high, moderate, or low risk, to make it visually simple for an agency to evaluate the risk of a particular property. Each risk category is defined by a range of risk level, as a percent value.
Whether it is used for Risk Scoring or determining Risk Tolerance, the HDS Risk Assessment Tool has the flexibility to define risk as the agency sees it, create and change calculations on-the-fly, and store risk templates and calculations in the HDS database/reference tables.