Risk assessment
Risk assessment is an important part of the risk management process because it provides organizations with information about potential risks and vulnerabilities. This section considers the complexities of risk assessment, its methodology, and the need to undertake a complete and systematic risk assessment.
Risk identification methods
Various strategies are used to detect possible dangers during the risk identification phase. Brainstorming meetings, in which stakeholders discuss and share their ideas on possible hazards, aid in gathering a diverse variety of perspectives. Data analysis, which includes reviewing historical data and doing statistical analyses, can reveal trends and patterns that suggest possible threats. Furthermore, scenario planning entails developing hypothetical events to analyze risks in diverse circumstances.
Qualitative risk assessment
Qualitative risk assessment is a subjective technique that depends on expert judgment and criteria...
