Risk is a fact of life for businesses and one that will never just go away. But before you can start managing risk, you need to be able to assess a risk – as well as its probability – in order to create a strategic plan that will enable you to avoid or mitigate its potential negative impact.
In this course, you’ll learn some common techniques for assessing risk, including opportunity assessment, and threat assessment using FMEA – failure mode and effects analysis.
- identify the key concepts in assessing risks
- distinguish between common techniques to assess opportunities and those to assess threats
- recognize techniques to assess both opportunities and threats together
- identify questions to ask when performing an assessment of opportunities
- recall the steps in assigning rankings during a threat assessment
- sequence the steps to take in calculating the RPN and prioritizing risks
- recognize methods for performing a risk assessment