Risk Manager: Quantitative & Qualitative Risk Assessment

OBJECTIVE

• Understand the principles and methodologies of Quantitative and Qualitative Risk Assessment.
• Learn how to identify, analyze, and prioritize risks using both qualitative and quantitative approaches.
• Develop skills in applying tools and techniques such as Risk Matrices, Probability Analysis, and Fault Tree Analysis.
• Master risk assessment reporting and documentation practices.
• Apply risk assessment findings to improve decision-making and risk mitigation strategies.

WHO SHOULD ATTEND?

• Risk Management Professionals
• Health, Safety, and Environment (HSE) Specialists
• Project Managers
• Engineers and Technical Leads
• Compliance and Audit Officers

 COURSE OUTLINE

Introduction to Risk Assessment

• Key concepts and definitions: Risk, Hazard, Vulnerability, Exposure.
• Differences between Qualitative and Quantitative Risk Assessment.
• Steps in the risk assessment process: Identification, Analysis, Evaluation, Mitigation.
• Regulatory standards and frameworks (e.g., ISO 31000)

Qualitative Risk Assessment Techniques

• Tools for qualitative analysis: Risk Matrices, Hazard Ranking, and Checklists.
• Evaluating risk severity and probability.
• Communicating risk findings to stakeholders.
• Documenting qualitative risk assessments.

Quantitative Risk Assessment Techniques

• Numerical analysis of risk probabilities and impacts.
• Tools and techniques: Fault Tree Analysis (FTA), Event Tree Analysis (ETA), Monte Carlo Simulation.
• Cost-benefit analysis in risk decision-making.
• Integrating quantitative results into risk management strategies.