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A vulnerability assessment is the process of identifying, quantifying, and prioritizing (or ranking) the vulnerabilities in a system. Examples of systems for which vulnerability assessments are performed include, but are not limited to, information technology systems, energy supply systems, water supply systems, transportation systems, and communication systems.
Risk assessments are based on responses of a climate system that is no longer staying within a stationary range of extremes. [6] The Intergovernmental Panel on Climate Change (IPCC) assessment framework is based on the understanding that climate risk emerges from the interaction of three risk factors: hazards, vulnerability and exposure.
Tools for vulnerability assessment vary depending on the sector, the scale and the entity or system which is thought to vulnerable. For example, the Vulnerability Sourcebook is a guide for practical and scientific knowledge on vulnerability assessment. [3] Climate vulnerability mapping helps to understand which areas are the most vulnerable.
When used as part of an aviation hazard analysis, a "Likelihood" is a specific probability. It is the joint probability of a hazard occurring, that hazard causing or contributing to an aircraft accident or incident, and the resulting degree of loss or harm falling within one of the defined severity categories.
Risk is a combination of hazard, exposure and vulnerability. [11] For example in terms of water security: examples of hazards are droughts, floods and decline in water quality. Bad infrastructure and bad governance lead to high exposure to risk.
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] [2] 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] [3]
This assessment plan, the FEMA model, uses history, vulnerability, maximum threat, and probability of each potential disaster to predict potential damage. Each hazard is then given a rating on the scale using these criteria and comparisons to other hazards to determine the priority of mitigation efforts. [54]
The names, Cyber PHA or Cyber HAZOP, were given to this method because they are similar to process hazard analysis (PHA) or the hazard and operability study (HAZOP) studies that are popular in process safety management, particularly in industries that operate highly hazardous industrial processes (e.g. oil and gas, chemical, etc.).