Introduction
Qualitative risk assessment is one approach to measuring risk. It involves using descriptive or numerical ranking scales to classify the potential consequences and likelihoods of each risk.
Alternative measurement approaches are semi-quantitative and quantitative risk assessment.
Examples
One example of a qualitative risk assessment tool is a risk assessment matrix, which defines rating scales for the likelihood and impact of each identified risk, then combines them in a colour-coded diagram to decide which are major, moderate or minor in order to develop an appropriate risk response.
A likelihood scale is shown below.
And an impact scale for injury at work in the next diagram.
In the corresponding risk matrix, a risk with a likelihood of 5 and impact of 5 would be classified as a major risk, while an impact of 3 and a likelihood of 3 would be moderate, and an impact of 3 and likelihood of 1 would be minor.
Other examples include:
- bow-tie analysis
- probability/consequence matrix
- decision tree analysis
- brainstorming
- Delphi technique
- structured what-if technique (SWIFT).
Sources:
The content on this page was primarily sourced from:
- IEC 31010:2019 Risk Management – Risk Assessment Techniques (6.3.5.4)
Edited by Nadine Cranenburgh
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