Apparatus for testing a conducted energy weapon includes analyzer to produce characteristic signals representative of characteristics of electrical current pulses delivered by the weapon into a resistive load when the weapon is discharged. Risk estimation device responsive to the characteristic signals produces a risk estimate representative of a risk of injury to a targeted subject due to electrical stimulation, or alternatively representative of a risk of failure to incapacitate the targeted subject. Indicator device responsive to the risk estimate indicates the risk of injury, or alternatively the risk of failure to incapacitate, and warns the user of the apparatus when the risk exceeds a predetermined threshold.