A Look At The Different Kinds of Risk Assessment Processes

The risk assessment process is an essential process that every company must adhere to in order to determine the risks that are involved in their operations and the ways that can be followed for mitigating them. The risk assessment methods mainly focus on identifying the risks and hazards associated with the business processes. The methods also help to determine the vulnerable people and areas and helps in deciding on the precautions that can be taken to resolve them. Once the major findings of the risk assessment process have been uncovered, the assessment process can be further reviewed and updated as per the necessity.
 
Different Kinds of Risk Assessment Processes
  
Here is a look at the types of risk assessment that you should know about.

Qualitative Risk Assessment

The most widely used method of risk assessment is of course qualitative risk assessment. This method is frequently used in various offices and workplaces. The method is predominantly determined by the personal expertise and the judgment carried out by the risk assessment professional. Apart from making use of their own work experience, they can also consult other similar professionals to make sure that only the best practices are followed.    

Quantitative Risk Assessment

Quantitative risk assessment procedure is carried out for measuring the potential of risk through the use of numerical values. It is often used with more intense hazards such as nuclear plants, designing of aircrafts and the chemical industry. When quantitative risk assessments are carried out, the assessment professionals make use of quantitative techniques and tools for identifying the hazards and also for analyzing and estimating the intensity of the consequences. This process can also be used for determining the possibility of whether the possible hazards can actually take place or not.

Generic Risk Assessment

Generic risk assessments are used when it becomes necessary to analyze the possibilities of common hazards associated with any activity or task. Through the process of generic risk assessment, it is possible to minimize tedious effort and paperwork. Such a risk assessment process can be used for considering the hazards and problems for some activity in one single assessment. The activities in these cases can be managed across different worksite areas.

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