Risk Analysis | Risk assessment | Risk management

Risk Analysis

 Risk Analysis is a decision-making tool for considering the consequences of alternatives. The need for risk analysis arises because people make decisions every day about what to accomplish how much time and resources to spend on the project and what is important enough to report to the organizatiON.

Risk analysis includes risk assessment and risk management. These are different phases of making decisions based on risk.

Risk assessment is a method of identifying and measuring risk.

Risk management is taking action to minimize risk< including installing internal controls>:

Risk assessment
Risk Analysis | Risk assessment | Risk management

The quantitative and qualitative evaluation of exposures arising from the same activity and covers: 

Risk Identification: The identification and classification of what the risks are and their characteristics.

Risk measurement and evaluation:The measurement of possible consequences.

Risk Prioritisation: How the risks are related to each other.

Risk Management

The Precess of determining whether or how much of the risk is acceptable and what action should be taken, that is

Avoid the risk : changing the nature of the activity to spread the exposure over multiple activities.

Sharing Risk: A form of diversifaction where the parties in the activity take share of the risk in the activity. Sharing can be with customers, Suppliers, or third parties.

Contingency planning: Establishing controls for known risks.



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