Risk maps can help an agency identify the best response to a risk. As agencies see a greater risk, they can plan a response. The risk map shown above illustrates different levels of impact and probability of a risk. The green-zoned areas should be responded to with a high level of monitoring to ensure that the risk does not escalate to a moderate or high (yellow, orange, or red zoned areas) risk. For risks with higher levels of impact and probability (yellow, orange, and red zones), the agency should take a stronger response and have a higher commitment level of managing these risks.
Risk assessment tools can vary from qualitative to quantitative. (The chart below illustrates the difference between these two methods.) A list of risks is a good starting point. Just formulating a list of risks is, and garnering the knowledge of your system, is valuable. Not all of the risks identified are quantifiable. Sometimes just identifying them and adding them to the list of risks is the only quantification available, and necessary. Don't get frustrated with this process. Not every risk has to be run through a sophisticated assessment model to be valid.
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Overview:
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Overview:
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Qualitative data:
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Quantitative data:
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From “Qualitative vs Quantitative Data,”; Created by Donna Roberts
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