Qualitative Risk Assessment: What is it and what are the benefits
Risk assessments are the process of compiling, combining and presenting evidence to support a statement about the risk of a particular activity or event related to equipment, people and processes.
There are a number of defined processes, techniques, tools, and models that can be used to support the assessment. When starting a Risk analysis it is important to start with a risk narrative. A risk narrative characterizes and describes an identified risk in an organization whether it is people, process or equipment. It includes a narrative description of each of the four generic risk assessment steps: identify opportunity, consequence assessment, likelihood assessment and risk characterization.