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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.

Topics: Risk management, risk methodologies, risk assessment

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:

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

Source: United States Environmental Protection Agency (EPA)

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

After a brief diversion in terms of our blog’s subject matter, today we return to Jiaqi Sun’s review of enterprise risk assessment methodologies, continuing with the section of risk and its impact.

Read Impact of Risk by clicking here

Topics: Risk management, risk methodologies, risk

 

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

 

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

 

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

 

Topics: risk methodologies, risk, risk assessment

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:

Topics: risk methodologies, risk, risk assessment

 

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.

Topics: Risk management, risk methodologies, risk assessment