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Enterprise risk assessment methodologies: Conclusions and strategic recommendations

Posted by Jiaqi Sun on Sep 7, 2017 11:45:00 AM

We’ve come to the end of Jiaqi Sun’s review of enterprise risk assessment methodologies. All that’s left to do is sum up what we’ve discussed, with potential recommendations.

Risk management and assessment are not new concepts and have been evolving for decades. Many methodologies and techniques originate from the military, aviation, shipping and petroleum industries, such as FMEA and bow-tie analysis. Today, they remain some of the major risk assessment tools in various industries, such as mining, manufacturing and construction.

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Topics: Risk management, risk methodologies, risk assessment

Selection criteria for risk assessment methodologies and technique

Posted by Jiaqi Sun on Sep 4, 2017 1:00:00 PM

The selection of a quantitative or qualitative techniques depends on the availability of data for hazard identification, and on the level of analysis and evaluation you need to make a confident decision. Some techniques are more suitable than others for certain situations, activities or systems. The following are key factors for the selection of risk assessment techniques or methodologies (Mullai, 2006), with additional criteria that may be added to take into account industry-specific factors:

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Topics: Risk management, risk methodologies, risk, risk assessment

The four step risk assessment process

Posted by Jiaqi Sun on Aug 31, 2017 12:30:00 PM

Source: United States Environmental Protection Agency (EPA)

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Topics: Risk management, risk methodologies, risk, risk assessment

The impact of risk

Posted by Jiaqi Sun on Aug 17, 2017 11:20:00 AM

 

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Topics: Risk management, risk methodologies, risk, risk assessment

Dissecting methods of risk analysis and their efficacy

Posted by Jiaqi Sun on Aug 14, 2017 10:45:00 AM

 

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Topics: Risk management, risk methodologies, risk, risk assessment

Risk analysis and evaluation unpacked

Posted by Jiaqi Sun on Aug 10, 2017 12:30:00 PM

 

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Topics: Risk management, risk methodologies, risk, risk assessment

Defining and identifying risk

Posted by Jiaqi Sun on Aug 7, 2017 11:15:00 AM

 

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Topics: risk methodologies, risk, risk assessment

Overview of risk assessment techniques

Posted by Jiaqi Sun on Aug 3, 2017 11:30:00 AM

For both quantitative and qualitative approaches, a wide range of techniques exist as illustrated in the chart below (please refer the American Bureau of Shipping (2000) for more details). Each technique has its own:

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Topics: risk methodologies, risk, risk assessment

Your risk assessment in 3 levels

Posted by Jiaqi Sun on Jul 31, 2017 11:30:00 AM

 

In line with the ISO 31000 standards, a risk assessment methodology is part of the risk management process and uses a combination of:

  • identification
  • analysis, and
  • evaluation techniques.
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Topics: Risk management, risk methodologies, risk assessment

Risk assessment methodologies and techniques by category and industry

Posted by Jiaqi Sun on Jul 27, 2017 11:00:00 AM

Under modern occupational risk management (ORM), the primary differences between risk assessment and risk measurement are:

  • the types of data used, and
  • the way parameters are derived.

 

Where sufficient hard data is available, risk measurement is often more reliable than risk assessment. However, developing a theoretically valid method of combining hard data and soft data is a very difficult process (OpRisk Advisory and Towers Perrin, 2010).

 

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Topics: risk methodologies, risk by industry, risk assessment

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