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.
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
- Delphi technique
- structured what-if technique (SWIFT).
The content on this page was primarily sourced from:
- IEC 31010:2019 Risk Management – Risk Assessment Techniques (220.127.116.11)
Edited by Nadine Cranenburgh