The,Basics,Risk,Assessment,sai education The Basics of Risk Assessment
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It is said that almost all, if notevery, human venture involves a certain risk, and this risk is evengreater with some ventures. As such, risk assessment is a majorpriority in some industries like oil production, nuclear technology,military, aerospace, construction, food production, public health,and information technology. With large potential losses in the saidindustries, risk assessment could give organizations the much-neededforesight to mitigate a risk or avoid it entirely.While risk assessment is highlybeneficial to large-scale industries, it is also a rather arduous andcomplex task. In risk assessment, an organization essentially has toidentify probable dangers and their subsequent impact. From thedefinition itself, one can already see the amount of comprehensiveresearch that must be done in making a danger profile. Furthermore,methods of analysis would differ among industries. Nonetheless, evenwith the multitude of factors in varying industries, the riskassessment process can be simplified with its two maintypesqualitative or quantitative. A qualitative risk assessmentprocess is a method of identifying potential threats to anorganizations assets. These threats could come from the ambiguityof financial markets, credit risk, legal liabilities, accidents,natural disasters or equipment malfunction. After determining thepotential threats, a qualitative analysis must also determine howlikely a certain danger would occur, and how it would affect aproject or an organization. From the results of the analysis, anorganization can determine which dangers should be prioritized. Asqualitative threat evaluation is rather subjective and intuitive, itis often criticized for its inconsistency.Danger evaluation, on the other hand,provides a numerical value to the impact of certain threats. Thistype of assessment is obviously preferred by organizations, as theywould want to count the cost/benefit ratio of putting up protectionagainst particular threats. Organizations would also want to see anumerical justification for spending on risk management strategies.To conduct a quantitative type of threat analysis, a more advanced,statistical approach is employed. In this case, specified financialvalue of assets, and approximate probability of occurrence are neededto determine the potential benefit or profit of protecting theassets. While actual financial figures make a more convincing case increating danger management strategies, quantitative threat analysishas been criticized to be overly reductive as valued disparitiesamong dangers are disregarded.While the two types of threat analysisprocesses have their merits and disadvantages, they are still similarin terms of difficulty. The fact remains that carrying out thisanalysis takes a lot of time and resources. Fortunately, programmershave developed risk assessment tools that could make bothqualitative and quantitative analyses much easier. Each of theavailable software is questionnaire-based. With that, hundreds ofquestions must be answered to come up with a danger profile. Afterdetermining the threats, the software then calculates the possibleoccurrence of the threat and then ranks each one according to itssignificance. The use of these risk assessment tools coulddefinitely cut short the amount of time needed to make acomprehensive analysis. Nevertheless, speedy data processing couldnever replace human experience and judgment. Thus, scientific toolsand human discernment must work together to produce a more accuratedanger profile.
The,Basics,Risk,Assessment,sai