To streamline the process of well-informed decision taking in a highly dynamic, complex and emotionally charged environment we were asked to develop a "Rapid Risk Assessment" (RRA) methodology for one of the world's largest corporations. The RRA mainly consists of a documented process and some templates/MS Excel sheets that can be used by an information security officer during his/her daily work. In this talk we will discuss the overall approach of such a process and its practical uses. Of course all tables and examples shown will be available for download after the conference.