Risk Assessment Methodologies
Risk can be defined as the chances of incurring a loss in the invested resources. In any kind of a business there must be a risk involved, the different in the way we manage these risks determines our progress in the business. A risk if not properly solved can cause harm to the firm and may lead to its closure. Assets at risk refers to those properties that have high chances of their prices depreciating some of these asset include; currencies, real estate, bonds and the treasuries .Any firm or business organization should fully understanding the risk the business is facing and coming up with proper plans to manage it. In managing risk one should fully understand and assessing it, any mistake made in the management of risks may results to business failing to achieve the set goals and objectives. There are a number of techniques used to manage risks
Explain at least two (2) different risk assessment methodologies.
1. Identify the hazards:
The most significant characteristics of your risk assessment is exactly identifying the potential risks in your place of work. A good beginning is to walk just near your place of work and consider regarding any risks. There are several vulnerabilities with a recognized hazard of destruction, for instance working at altitude, working with chemicals, equipment, also asbestos. Based on the kind of job you perform, there may be other vulnerabilities that are related to your company.
2. OWASP Risk Rating Methodology:
Consider how workers i.e. others who may be nearby like contractors or company, might be debilitated. Request your workers what they believe the vulnerabilities are, as they may observe things that are not understandable to you and may have a number of good thoughts on how to manage the hazards. For every vulnerability you require to be apparent regarding who might be debilitated; it will facilitate you recognize the best method of calculating the risk...