Risk Assessment
1. Planning and Preparation
2. Risk Identification
3. Risk Analysis
- Identify all relevant risks from the checklist.
- Determine the probability of each risk happening.
- Use historical data or expert judgment.
- Assign a likelihood rating (e.g., low, medium, high).
- Identify key objectives affected by each risk.
- Evaluate the severity of the impact if the risk occurs.
- Use a scale to rate the impact (e.g., minor, moderate, severe).
- Consider both short-term and long-term effects.
- Qualitative: Gather expert opinions and use risk matrices.
- Quantitative: Apply statistical methods to estimate risk values.
- Combine both approaches for a comprehensive analysis.
- Document the methods and findings clearly.
- Create a risk matrix to visualize likelihood vs. impact.
- Rank risks from highest to lowest priority.
- Focus on high likelihood and high impact risks first.
- Review and adjust priorities regularly based on new information.
Use in Manifestly