RISK ASSESSMENTS

There are several types of risk assessments commonly used in various fields. Some of the main types
include:

1. *Qualitative Risk Assessment*: This method involves assessing risks based on subjective
judgments rather than precise calculations. Risks are often categorized into levels such as low,
medium, or high.

2. *Quantitative Risk Assessment*: In contrast to qualitative assessment, quantitative risk

assessment involves assigning numerical values to risks, including probabilities and potential losses.
It aims to provide a more precise analysis of risks.

3. *Scenario-based Risk Assessment*: This approach involves considering various scenarios or

situations that could lead to risk events and evaluating the likelihood and impact of each scenario.

4. *Hazard Identification and Risk Assessment (HIRA)*: HIRA focuses on identifying hazards within a
system or process and assessing the associated risks. It is commonly used in occupational health and
safety contexts.

5. *Security Risk Assessment*: This type of assessment focuses on identifying security threats and
vulnerabilities within an organization's infrastructure, systems, or operations and evaluating the
potential impact of these risks.

6. *Financial Risk Assessment*: Financial risk assessment involves evaluating risks related to financial
investments, such as market risk, credit risk, and liquidity risk.

7. *Operational Risk Assessment*: Operational risk assessment involves assessing risks related to the
day-to-day operations of an organization, including risks related to processes, systems, people, and
external factors.

These are just a few examples, and the specific type of risk assessment used may vary depending on
the context and objectives of the assessment.