July 2019 AST Magazine AST July 2019 Magazine | Page 65
Risk
can be reduced to a level that There are two types
assessments
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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
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