AbstractThis assignment covers the methods for assessing risk usingvarious processes. This gives an overview of analyzing the risk involve in asituation and helps in minimizing the risk of uncertainty of loss and theft andit also, tells the places where additional attention is required. By getting toknow that how much risk is involved in a business idea we can prevent the risk.It also tells, adequate level of security needed to individual for informationsecurity. It involves avoidance, reduction, spreading, transfer, elimination,and acceptance options, and it can be accomplished by removing the source ofthe risk.
Risk assessment involves identifying the risk hazards in organization,infrastructure and in surroundings Risk Assessment MethodologyRisk assessment process involves Threat analysis,Consequence analysis, Event and fault tree analysis and Vulnerability analysis.In the first step to assess the risk, it is important to analysis the threatsand hazards involved. It can be performed by What If analysis. It is done bythe people who already know the place and capable of examining the place well.What If analysis, means the consequences hazards involved if the loss occurs.Identifying the threats making a checklist and discussing the What If analysiscan help in assessing the risk. Hazard and operability study (HAZOP) isanother systematic method of analyzing risk. It is a costly method and involvesstrong leadership.
This method involves thorough study of risk and it alsorequire big team to perform this assessment. Usually this method is used forcomplex processes. Multiple teams can be organized to do a complete assessmentof the entire facility which would provide a complete matrix for all thepossible risks at each level. Failure mode and effective analysis (FMEA)also called Failure modes, as the name suggest it involves the systematic techniquesto examine the failure.
It examines if all the system fails what would happen. Itis an effective method for early planning. It can be used in police stations toexamine illegal activities like supply of drugs and weapons inside the jails.Fault Tree Analysis (FTA) it is a top downmethodology, it is used to examine the risk in all the things which would causefailure. This method is useful in the field of safety engineering. Engineers studythis method using various symbols and perform this risk assessment.
This methodhas been performed in various projects to assess the risk in special projects likemilitary missions, various NASA projects etc.