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Quantitative risk assessment (QRA) software and methodologies give quantitative estimates of risks, given the parameters defining them. They are used in the financial sector, the chemical process industry, and other areas. In financial terms, quantitative risk assessments include a calculation of the single loss expectancy of monetary value of ...
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]
Quantitative risk assessment – A mathematical calculation based on security metrics, such as Single loss expectancy (SLE) and Annualized Loss Expectancy (ALE). Qualitative risk assessment – Descriptive methods, such as interviews and expert judgment, which are faster and less data-intensive but less precise.
Layers of protection analysis (LOPA) is a technique for evaluating the hazards, risks and layers of protection associated with a system, such as a chemical process plant. . In terms of complexity and rigour LOPA lies between qualitative techniques such as hazard and operability studies (HAZOP) and quantitative techniques such as fault trees and event trees.
Factor analysis of information risk (FAIR) is a taxonomy of the factors that contribute to risk and how they affect each other. It is primarily concerned with establishing accurate probabilities for the frequency and magnitude of data loss events. It is not a methodology for performing an enterprise (or individual) risk assessment. [1]
Performing a probabilistic risk assessment starts with a set of initiating events that change the state or configuration of the system. [3] An initiating event is an event that starts a reaction, such as the way a spark (initiating event) can start a fire that could lead to other events (intermediate events) such as a tree burning down, and then finally an outcome, for example, the burnt tree ...
A risk matrix is a matrix that is used during risk assessment to define the level of risk by considering the category of likelihood (often confused with one of its possible quantitative metrics, i.e. the probability) against the category of consequence severity. This is a simple mechanism to increase visibility of risks and assist management ...
Cyber risk quantification involves the application of risk quantification techniques to an organization's cybersecurity risk. Cyber risk quantification is the process of evaluating the cyber risks that have been identified and then validating, measuring and analyzing the available cyber data using mathematical modeling techniques to accurately represent the organization's cybersecurity ...