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When we are conducting a risk assessment, we need a way to assess, grade and order risks to allow us to use this information for decision-making and to prioritize our actions. This article outlines some basic techniques that can be used for risk assessment grading and matrics. These basic examples lay the foundation for more complex sets of metrics … Continue reading Risk assessments grading and metrics
The risk assessment lies at the core of risk management. Without a clear understanding of the risks faced, none of the other risk management activities can be undertaken meaning that the organization will remain reactive instead of being able to take proactive steps informed by risk-based decision making. However, risk assessments have the potential to become hugely … Continue reading The risk assessment process – how to conduct a risk assessment
In the simplest of terms, risk management helps you function in the real world. Organizations are under constant assault from both anticipated and unanticipated events which threaten to derail their plans. Risk management is what helps them understand, prepare for and react to these events. The largest firms will spend thousands of hours and billions … Continue reading A Foundation for Risk Management
Risk and risk discussions are often hampered by inconsistent terminology and a high degree of subjectivity. To overcome this, we need to understand what we mean when we ask 'what is risk?'. This article lays out a concept for risk using the ISO definition - the effect of uncertainty on objectives - and breaks individual risks … Continue reading What is risk?