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Learn everything you need to know about ISO , including all the requirements and best practices for compliance. This online course is made for beginners. No prior knowledge in information security and ISO standards is needed. The course is made for beginners. Rhand Leal March 6, In the risk assessment process, one common question asked by organizations is whether to go with a quantitative or a qualitative approach.

Qualitative risk assessment

The good news is that by using both approaches you can, in fact, improve your process efficiency towards achieving desired security levels. This article will present the concepts of qualitative and quantitative assessments, their similarities and differences, and how both of them can be used in ISO to perform effective and efficient information security risk assessments.

CSA Risk Analysis Requirements and Guidelines. Canadian Standards Association, 42p. HSE Health and Safety Executive, London, 61p. Quantitative risk assessment for slopes and landslides - The state of the art. Jones, D. Institution of Chemical Engineers, 49p. Royal Society Risk: Analysis, Perception and Management. Stewart further emphasized the importance of communication throughout the process of risk management, which is the systematic application of management policies, procedures and practices to the tasks of analyzing, evaluating, controlling, and communicating about risk issues.

Figure 1 illustrates the relationship between risk analysis, risk assessment and risk management for a decision-making model.

Quantitative Risk Assessments

Initiation includes defining the system, identifying risk management team and potential stakeholders. The system to be considered e. The responsibility and authority of the risk management team members, and resources should then be assigned. Hazard identification is usually the first and the most critical step in a risk assessment.

In this process, all relevant potential hazards covering the full range of incidents from minor frequent events to rare larger disasters are identified by techniques such as past experience, historical records, checklists, hazard index method, preliminary hazard analysis PHA and hazard and operability HAZOP study. Frequency analysis is a process that estimates the frequency of each of the hazardous events identified at the hazard identification stage based on historical records, analytical or numerical techniques, or a combination of them.

Consequence analysis is carried out to establish all the possible consequences caused by each of the hazardous events in consideration of the vulnerability of those elements at risk in the event of failure. It is therefore an assessment of the conditional probability of the consequences occurring given the occurrence of a hazard.

Risk estimation is a mathematical process that integrates the frequencies and consequences of each hazardous event into the levels of risk. The calculation is essentially a manipulation of the probability of failure, P F and the consequences of failure, P C F. Numerically, this can be expressed as:. Risk assessment is the process consisting of risk analysis and risk evaluation.

Risk analysis is a series of activities of using available information to estimate the risk to individuals or populations, property, or the environment, from hazards. It generally contains system definition, hazard identification, frequency and consequence analyses, and risk estimation.

  • Difference between quantitative and qualitative risk analysis.
  • Components of Quantitative Risk;
  • Objectives for a QRA study;
  • Quantified Risk Assessment.

For details of each activity, please refer to paragraphs under the caption of risk analysis. Risk evaluation refers to the stage at which values and judgements enter the decision process, explicitly or implicitly, by including consideration of the importance of the estimated risks and the associated social, environmental, and economic consequence, in order to identify a range of alternatives for managing the risks.

Risk control involves the evaluation of options for risk treatment, including risk mitigation, risk acceptance, and risk avoidance. In simple terms, QRA is used to address the following questions:. What can cause harm? Canadian Standards Association Canadian Standards Association.

Stewart, R.

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Dam Risk Management Invited Paper. Melbourne, pp. Risk perception involves people's beliefs, attitudes, judgements, feelings, social or cultural values, etc. The factors affecting risk perception include Melcher, ; Royal Society, : the likely consequences should an accident occur, the uncertainty in that consequence estimate, the perceived possibilities of obviating the consequences or reducing the probability of the consequences occurring, or both, familiarity with the 'risk', level of knowledge and understanding of the 'risk' or consequences or both, and the interplay between political, social and personal influences in forming perceptions.

For a risk to be acceptable, it means that for the purposes of life or work, one is prepared to take it well as it is. On the other hand, to tolerate a risk means that one does not regard it as negligible or something one might ignore, but rather as something one needs to keep under review and reduce still further if and as one can HSE, ; Royal Society, In this approach there is an upper limit of risk above which it cannot be tolerated and it must be refused in any circumstance, and there is a lower limit below which risk is of no practical interest.

Between the two limits is the region that risk must be reduced to a level 'as low as reasonably practicable' ALARP. The legal interpretation of ALARP is well established in English case law in that the "sacrifice involved in the measures necessary for averting the risk whether in money, time or trouble " is not grossly disproportionate to the benefit obtained. A pilot study has been carried out to investigate the public perception and tolerability of landslide risk in Hong Kong The University of Hong Kong, It is found that the general public has greater tolerability of risk from their own perspective than from the societal point of view.

In addition, the study has achieved the objective well in experimenting various surveying methods in collecting data on risk perception and Willingness to Pay. At present, interim risk guidelines are available for natural terrain landslide and boulder fall hazards ERM-Hong Kong, They are based on the existing guidelines on land use planning in the vicinity of Potentially Hazardous Installations PHIs. The recommended interim societal risk criteria for landslides and boulder falls from natural terrain are shown in Figure 3.

Health and Safety Executive, London.

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Melchers, R. E and Stewart, M.

Quantitative Risk Assessment

The University of Hong Kong Public Perception and Tolerability of Landslide Risk. Atkins China Ltd Atkins Haswell Ayotte, D. To avoid this problem, a sub-network approach was adopted for schedule QRAs. With this approach, critical chain methods Leach, are used to determine the sub-networks in the schedule, and contingency is calculated for the sub-network and added as buffer at the end of the network. Experience has shown that most organizations assign a single contingency value to a project for the full duration of the project.

Qualitative Risk Analysis

This locks in large amounts of capital for long periods of time. The nature of risks on projects is such that the number of risks should diminish as the project is executed, since the remaining scope of work diminishes. A process of time-phasing contingency over the life of the project was, therefore, adopted. This allows the project to release contingency funds back to the business as the project progresses.

The method used for the QRA should match the phase of the project.

Evaluating Risks Using Quantitative Risk Analysis

In early project phases, such as feasibility and concept studies, it may be more appropriate to use empirical models, however, these models should not be used once the project has a detailed WBS and estimate Humphreys et al. When used correctly, QRAs have the potential to add tremendous value to projects. When this is done correctly, the WBS, control accounts, schedule, cost estimates, and risk register should be designed in a way that makes it easy to determine where risks could impact the project, as well as to quantify that impact.

Performing a QRA on a project that is not set up correctly leads to many assumptions about the impact of risk, and the resulting contingency values are difficult to defend.