This assignment covers the methods for assessing risk using
various processes. This gives an overview of analyzing the risk involve in a
situation and helps in minimizing the risk of uncertainty of loss and theft and
it also, tells the places where additional attention is required. By getting to
know 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 information
security. It involves avoidance, reduction, spreading, transfer, elimination,
and acceptance options, and it can be accomplished by removing the source of
the risk. Risk assessment involves identifying the risk hazards in organization,
infrastructure and in surroundings
Risk Assessment Methodology
Risk 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 threats
and hazards involved. It can be performed by What If analysis. It is done by
the 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 analysis
can help in assessing the risk.
Hazard and operability study (HAZOP) is
another systematic method of analyzing risk. It is a costly method and involves
strong leadership. This method involves thorough study of risk and it also
require big team to perform this assessment. Usually this method is used for
complex processes. Multiple teams can be organized to do a complete assessment
of the entire facility which would provide a complete matrix for all the
possible risks at each level.
Failure mode and effective analysis (FMEA)
also called Failure modes, as the name suggest it involves the systematic techniques
to examine the failure. It examines if all the system fails what would happen. It
is an effective method for early planning. It can be used in police stations to
examine illegal activities like supply of drugs and weapons inside the jails.
Fault Tree Analysis (FTA) it is a top down
methodology, it is used to examine the risk in all the things which would cause
failure. This method is useful in the field of safety engineering. Engineers study
this method using various symbols and perform this risk assessment. This method
has been performed in various projects to assess the risk in special projects like
military missions, various NASA projects etc.