July 2019 AST Magazine AST July 2019 Magazine | Page 65

Risk can be reduced to a level that There are two types assessments www.AmericanSecurityToday.com July of 2019 - Edition 35 is acceptable but not completely – Qualitative and Quantitative. avoided. Qualitative analysis uses subjective The keys principles in risk manage- judgment based on non-quantifi- ment are: able information. • Lowering the likelihood that the event will occur and accepting some level of risk, and • Minimizing its affects in the unlikely event it does happen. Quantitative assessment howev- er, resolves the disadvantages of lack of consistency overtime, lack of subject matter expertise, lack of standardization and outside The best way to calculate risk is by stimuli impact, commonly found conducting a risk assessment. in most qualitative methodologies. Typical ABRA chart & Graph showing reduction in vulnerability and risk 63