Risk assessment is a major part in a risk management process. Risk assessment is the result of quantitative or qualitative rate of risk relative to an actual situation and a acknowledged threat or hazard. Quantitative risk assessment requires calculations of two factors of risk, the extent of the possible loss and the likelihood that the loss will occur. Methods for assessment of risk may vary between businesses due to general financial decisions, environmental, ecological, or public health risk assessment.
Identifying and understanding
Identifying and understanding risks are key aspects to any assessment. Once risks have been identified and categorised, the process of risk mitigation can take place.
Critically, we work closely and collaboratively with clients in identifying their risks, a mutual understanding is necessary to distinguish the potential and varying impacts to the business these risks portray.
Many businesses have a “Risk Appetite”, often it is considered that the greater the risk, the greater is the reward.
In essence, the appetite is owned and underwritten by the business (self insured), however, risks often impact issues other than finance, Reputation and Brand can be adversly affected when a business is involved in an incident or crisis.
Threat Impact Assessments
We can provide comprehensive threat impact assessments for facilities (offices, hubs, campus, manufacturing/supply chain establishments).
This is a process/tool that enables us to input data to determine risk severity levels that predominately originate outside the confines of a company’s facility and may undermine local employee security and have potential to disrupt normal business operations.