A review of Risk Assessment Methodologies

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Risk can be defined as a combination of the probability of occurrence of harm, and the severity of that harm. Risk assessment comes under a risk management process. The risk assessment measures are taken before hand so that whenever an issue arises the team is prepared to take steps.


Furthermore, a risk-management process will help you prioritize these issues should you lack the resources necessary to address them all immediately.
1. Establish the risk assessment team. The team is formed to collect, analyze and report the assessments to the management. It is important that all aspects of the activity work flow be represented on the team, including human resources, administrative processes, automated systems, and physical security. The reason is to plan things before hand so that it becomes easy to go by. The team members on the other hand will have to attend and participate in the meetings, they will have to take the responsibility of achieving goals and objectives. The team members will also have to work hard for effective teamwork and communications, share responsibility for all team decisions and share knowledge and expertise with the team. The team members would themselves have to provide leadership where appropriate and last but not the least, will have to participate in training sessions where required.
2. Set the scope of the project. ...
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