In our comprehensive PDF, InfosecTrain delves into the dynamic interaction of Qualitative and Quantitative Risk Management. Explore nuanced strategies merging subjective insights with numerical data to enhance organizational resilience. Uncover the symbiotic relationship between these approaches, navigating the complexities of effective risk mitigation.

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QUALITATIVE
RISK MANAGEMENT
QUANTITATIVE

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An approach to assessing and managing risks
that relies on subjective judgment and descriptive
analysis. It uses qualitative scales or categories,
like "low," "medium," or "high" risk, to provide a
qualitative understanding of the risks associated
with a project or decision-making process.
QUALITATIVE
RISK MANAGEMENT

3. Gather a group of experts
and stakeholders to
generate a list of
potential risks
BRAINSTORMING
Structured approach for
gathering and distilling an
expert panel's opinion
on potential risks
DELPHI TECHNIQUE
METHODS
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4. Risks are plotted on a
matrix based on their
likelihood and impact,
with categories like low,
medium, and high-risk
RISK MATRICES
Strategic planning tool
helps organizations identif
internal and external
strengths, weaknesses,
opportunities,
and threats
SWOT ANALYSIS
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USES
01 Quickly identifies and categorizes risks
03 Prioritizes risks based on subjective judgment
02
Provides an initial risk assessment in the
absence of detailed data
04
Helpful in making quick, high-level decisions
about risk

6. A data-driven approach to assessing and
mitigating risks that involves assigning precise
numerical values to risks as well as associated
parameters like probabilities and monetary
implications. This approach uses quantitative
data and mathematical models to quantify and
analyze risks precisely.
QUANTITATIVE
RISK MANAGEMENT
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Uses random sampling
to assess various
scenarios and
probabilities
MONTE CARLO
SIMULATIONS
Constructs decision trees to
map out optimal choices
and their associated risks
and rewards
DECISION
TREES
METHODS

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Uses complex
mathematical models to
assess risks, especially
in financial & engineering
domains quantitatively
MATHEMATICAL
MODELING

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USES
01
Precisely quantify and analyze risks using
numerical values
03
Analyze complex projects and financial
decisions with precision
02
Assess the likelihood and impact of risks in
a data-driven manner
04
Facilitate risk comparisons and prioritize
mitigation efforts

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