(Risk Management cont.2)

Risk Analysis (qualitative and quantitative)

- qualitative risk analysis (focuses on the probability of a threat occurring and how it will impact the organisation; it lacks pace level of accuracy as it is not based on
"...objective, numerical data; instead, it is based on collective discussions on research to generate opinions and judgements of those with knowledge of the business and the industry..."
Camms, 2023)
- qualitative risk assessment (it relies on objective, measurable transactional and operational data to provide insights into business's risk management process; uses numerical values
"...by using historical data to determine probability and numerical values determine impact, a qualitative risk assessment provides an accurate reflection of the threat landscape..."
Camms, 2023)
NB Ideally, you want to use both the quantitative and qualitative in your analysis and assessment