Risk Assessment Task

A Risk Assessment Task is an assessment task of risk.

• AKA: Risk Evaluation Task, Risk Analysis Operation.
• Context:
  • Task Input: Risk-Related Data, Assessment Criteria, Domain Context
  • Task Output: Risk Assessment Report
  • Task Measure: Risk Assessment Accuracy, Assessment Completeness, Analysis Reliability
  • ...
  • It can (typically) identify Potential Risks through systematic evaluation
  • It can (typically) determine Risk Probabilitys and Risk Impacts
  • It can (typically) assess Risk Tolerance Levels for decision making
  • It can (typically) recommend Risk Mitigation Measures
  • ...
  • It can (often) utilize Risk Assessment Tools for analysis support
  • It can (often) involve Domain Experts for specialized assessment
  • It can (often) follow Risk Assessment Frameworks
  • It can (often) generate Risk Priority Scores
  • ...
  • It can range from being a Qualitative Risk Assessment Task to being a Quantitative Risk Assessment Task, depending on its assessment approach
  • It can range from being a Simple Risk Assessment Task to being a Complex Risk Assessment Task, depending on its assessment scope
  • It can range from being a Domain-Specific Risk Assessment Task to being a Cross-Domain Risk Assessment Task, depending on its domain coverage
  • It can range from being a Manual Risk Assessment Task to being an Automated Risk Assessment Task, depending on its assessment method
  • It can range from being a Single-Factor Risk Assessment Task to being a Multi-Factor Risk Assessment Task, depending on its factor scope
  • ...
  • It can implement Risk Assessment Methodology for systematic analysis
  • It can incorporate Industry Standards for assessment guidelines
  • It can maintain Assessment Documentation for audit purposes
  • ...
• Examples:
  • Domain Risk Assessment Tasks, such as:
    • Financial Risk Assessment Tasks for monetary risk evaluation
    • Legal Risk Assessment Tasks for legal exposure analysis
    • Operational Risk Assessment Tasks for process risk identification
    • Environmental Risk Assessment Tasks for ecological impact analysis
    • Hybrid-Domain Risk Assessment Tasks, such as contract-related risk assessments.
    • ...
  • Process Risk Assessment Tasks, such as:
    • Safety Risk Assessment Tasks for hazard identification
    • Security Risk Assessment Tasks for threat analysis
    • Compliance Risk Assessment Tasks for regulatory risk evaluation
    • Project Risk Assessment Tasks for implementation risk analysis
    • ...
  • Technical Risk Assessment Tasks, such as:
    • Engineering Risk Assessment Tasks for system reliability
    • Technology Risk Assessment Tasks for technical vulnerability
    • Infrastructure Risk Assessment Tasks for system integrity
    • Data Risk Assessment Tasks for information security
    • ...
  • Strategic Risk Assessment Tasks, such as:
    • Market Risk Assessment Tasks for business environment
    • Competitive Risk Assessment Tasks for market position
    • Reputational Risk Assessment Tasks for brand impact
    • Innovation Risk Assessment Tasks for technology adoption
    • ...
• Counter-Examples:
  • Risk Management Task, which implements rather than assesses
  • General Analysis Task, which lacks risk focus
  • Performance Assessment Task, which evaluates results not risks
  • Status Monitoring Task, which tracks current state
  • Impact Analysis Task, which focuses on consequences
• See: Risk Analysis, Risk Management, Threat Assessment, Hazard Analysis, Safety Engineering, Reliability Engineering, Risk Evaluation, Assessment Methodology.

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References

2024

• (Wikipedia, 2024) ⇒ https://en.wikipedia.org/wiki/risk_assessment Retrieved:2024-8-25.
  • Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences.

    More precisely, risk assessment identifies and analyses potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. hazard analysis). It also makes judgments "on the tolerability of the risk on the basis of a risk analysis" while considering influencing factors (i.e. risk evaluation).

2016

• (Wikipedia, 2016) ⇒ https://en.wikipedia.org/wiki/risk_assessment Retrieved:2016-8-10.
  • Risk assessment is the determination of quantitative or qualitative estimate of risk related to a well-defined situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk (R): the magnitude of the potential loss (L), and the probability (p) that the loss will occur. An acceptable risk is a risk that is understood and tolerated usually because the cost or difficulty of implementing an effective countermeasure for the associated vulnerability exceeds the expectation of loss. "Health risk assessment" includes variations, such as risk as the type and severity of response, with or without a probabilistic context. In all types of engineering of complex systems sophisticated risk assessments are often made within safety engineering and reliability engineering when it concerns threats to life, environment or machine functioning. The nuclear, aerospace, oil, rail and military industries have a long history of dealing with risk assessment. Also, medical, hospital, social service and food industries control risks and perform risk assessments on a continual basis. Methods for assessment of risk may differ between industries and whether it pertains to general financial decisions or environmental, ecological, or public health risk assessment.

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