Risk Assessment Task
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A Risk Assessment Task is an assessment task that can systematically evaluate potential risks to determine risk levels and inform risk management decisions.
- AKA: Risk Evaluation Task, Risk Analysis Task, Risk Appraisal Task, Risk Estimation Task, Risk Characterization Task.
- Context:
- Task Input: Risk-Related Data, Assessment Criteria, Domain Context, Historical Risk Information, Stakeholder Input
- Task Output: Risk Assessment Report, Risk Score, Risk Matrix, Risk Priority List
- Task Performance Measure: Risk Assessment Accuracy, Assessment Completeness, Analysis Reliability, Prediction Validity, Stakeholder Satisfaction
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- 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 typically calculate Risk Scores using risk formulas.
- It can typically establish Risk Prioritys through risk ranking.
- It can typically evaluate Control Effectiveness via control assessment.
- It can typically analyze Risk Interdependencys through correlation analysis.
- It can typically determine Residual Risk Levels after control consideration.
- It can typically estimate Risk Velocity through speed-to-impact analysis.
- It can typically assess Risk Appetite Alignment via tolerance comparison.
- It can typically validate Risk Assumptions through scenario testing.
- It can typically quantify Risk Exposure using financial modeling.
- It can typically evaluate Risk Trends through temporal analysis.
- It can typically measure Risk Concentration via aggregation analysis.
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- 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 often employ Monte Carlo Simulations for probability modeling.
- It can often apply Sensitivity Analysis for variable testing.
- It can often use Risk Heat Maps for visualization.
- It can often conduct Stress Testing for extreme scenario evaluation.
- It can often perform Root Cause Analysis for risk source identification.
- It can often leverage Machine Learning Models for predictive assessment.
- It can often implement Bow-Tie Analysis for cause-consequence mapping.
- It can often utilize Decision Tree Analysis for outcome modeling.
- It can often apply FMEA Methodology for failure mode assessment.
- It can often use Risk Register Databases for historical comparison.
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- It can range from being a Qualitative Risk Assessment Task to being a Quantitative Risk Assessment Task, depending on its measurement 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 automation level.
- It can range from being a Single-Factor Risk Assessment Task to being a Multi-Factor Risk Assessment Task, depending on its factor complexity.
- It can range from being a Single-Entity Risk Assessment Task to being a Multi-Entity Risk Assessment Task, depending on its entity scope.
- It can range from being a Static Risk Assessment Task to being a Dynamic Risk Assessment Task, depending on its temporal adaptability.
- It can range from being a Inherent Risk Assessment Task to being a Residual Risk Assessment Task, depending on its control consideration.
- It can range from being a Baseline Risk Assessment Task to being a Continuous Risk Assessment Task, depending on its assessment frequency.
- It can range from being a Internal Risk Assessment Task to being a External Risk Assessment Task, depending on its assessor independence.
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- It can be measured by Risk Assessment Measures such as accuracy metrics and completeness indicators.
- 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.
- It can follow ISO 31000 Standard for risk management principles.
- It can apply COSO Framework for enterprise risk assessment.
- It can utilize NIST Framework for cybersecurity risk evaluation.
- It can employ Basel Framework for financial risk assessment.
- It can leverage COBIT Framework for IT risk evaluation.
- It can use FAIR Methodology for quantitative risk analysis.
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- Example(s):
- Domain-Specific Risk Assessment Tasks, such as:
- Financial Risk Assessment Tasks, such as:
- Credit Risk Assessment Tasks evaluating default probability.
- Market Risk Assessment Tasks measuring portfolio volatility.
- Liquidity Risk Assessment Tasks assessing cash flow adequacy.
- Operational Risk Assessment Tasks analyzing process failure risk.
- Legal Risk Assessment Tasks, such as:
- Healthcare Risk Assessment Tasks, such as:
- Patient Safety Risk Assessment Tasks evaluating medical error risk.
- Clinical Risk Assessment Tasks assessing treatment outcome risk.
- HIPAA Risk Assessment Tasks measuring privacy breach risk.
- Environmental Risk Assessment Tasks analyzing ecological impact.
- Financial Risk Assessment Tasks, such as:
- Process-Based Risk Assessment Tasks, such as:
- Safety Risk Assessment Tasks, such as:
- Workplace Safety Risk Assessment Tasks identifying occupational hazards.
- Product Safety Risk Assessment Tasks evaluating consumer risk.
- Process Safety Risk Assessment Tasks analyzing operational hazards.
- Security Risk Assessment Tasks, such as:
- Project Risk Assessment Tasks analyzing implementation challenges.
- Safety Risk Assessment Tasks, such as:
- Technical Risk Assessment Tasks, such as:
- Engineering Risk Assessment Tasks evaluating system reliability.
- Technology Risk Assessment Tasks assessing technical vulnerability.
- Infrastructure Risk Assessment Tasks measuring system integrity.
- Data Risk Assessment Tasks analyzing information security.
- Strategic Risk Assessment Tasks, such as:
- Market Risk Assessment Tasks evaluating competitive position.
- Reputational Risk Assessment Tasks measuring brand impact.
- Innovation Risk Assessment Tasks assessing technology adoption risk.
- Supply Chain Risk Assessment Tasks analyzing vendor dependency.
- Stakeholder Risk Assessment Tasks evaluating stakeholder-specific risks.
- Rights-Risk Assessment Tasks measuring rights violation probability.
- Obligation-Risk Assessment Tasks assessing commitment failure risk.
- ...
- Domain-Specific Risk Assessment Tasks, such as:
- Counter-Example(s):
- Risk Identification Tasks, which discover risks rather than evaluate them.
- Risk Management Tasks, which implement controls rather than assess risks.
- General Analysis Tasks, which lack specific risk focus.
- Performance Assessment Tasks, which evaluate actual results rather than potential risks.
- Status Monitoring Tasks, which track current state rather than assess future risks.
- Impact Analysis Tasks, which focus solely on consequences rather than probability and impact.
- See: Risk Analysis, Risk Management, Risk Identification Task, Threat Assessment, Hazard Analysis, Safety Engineering, Reliability Engineering, Risk Evaluation, Assessment Methodology, Risk Matrix, Risk Register, ISO 31000, COSO Framework, Risk Appetite, Risk Tolerance, Risk Mitigation, Due Diligence Task.
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.[1] 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.[1][2]
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).
- Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events.[1] 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.[1][2]
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.