![]() How to Apply Qualitative Assessments to Your Risk Management Process Risks are usually on an established scale that estimates probability (for instance: low, medium, high), and risks are also usually categorized based on the source of it or on the effect to the company. Qualitative Risk AssessmentĪ qualitative risk assessment focuses on the probability of a threat occurring and how it will impact the company (such as financially, legally, in reputation, etc.). No matter how you choose to utilize assessments in your process, you should understand the difference between a qualitative and quantitative risk assessment process and what benefits they possess. In practice, there are two types of assessments you can implement to investigate your threat landscape: a qualitative risk assessment and a quantitative risk assessment.īoth work in different ways, but if executed correctly they can help you identify threats and respond to them in a timely manner, prepare your company for a potential worst case scenario, establish a proactive rather than reactive approach to threats and ultimately, save you money. ![]() They should examine if any new threats have developed since the previous assessment, if any old threats still linger, and what methods can be taken to mitigate these threats. Risk assessments are essentially a single point in time in your larger risk management process, and to ensure an accurate, responsive process, each assessment should be undertaken with precision and thorough planning.Įach assessment is an audit of your company’s threat landscape. An important aspect of managing risk is performing risk assessments at regular intervals.
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