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Risk Action
Risk Assessment
There are a variety of ways in which the risks of an organization can be assessed, including many different forms or methods of qualitative analysis. Determining specific frameworks, theories, and models for assessing qualitative risks that face an organization can be even more essential and complex than developing an assessment plan for assessing quantitative risks; due to their very nature, qualitative elements of an organization are by definition more subjective, more difficult to concretely measure, and more unpredictable in their effects due to these variations in understanding and measurement (Hutter & Power 2005). Many of the qualitative risks that can confront an organization and potentially thwart its growth and success if not properly dealt with come from the human elements of the organization, such as knowledge and skill levels, and risk identification and assessment...
The following paragraphs will briefly outline some of the actions necessary in qualitative risk assessment.
First, an information sharing plan that creates transparency regarding the risk assessment procedures and purposes should be developed, and its implementation throughout the process assured. Such a plan is necessary for both ethical and practical reasons, showing respect for the human resources that will necessarily be a part of any comprehensive qualitative risk assessment and ensuring greater reliability and validity of the information gather from the individuals in the organization (Duffey & Saull 2008). Working with the human resources of the company rather than simply trying to objectively observe can be of great assistance in this area.
Once the information sharing system and procedures…
References
Duffey, R. & Saull, J. (2008). Managing risk: The human element. New York: Wiley.
Frame, J. (2003). Managing risk in organizations. New York: Wiley.
Hutter, B. & Power, M. (2005). Organizational encounters with risk. New York: Cambridge University Press.
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