Introduction to Risk Assessment PDF Guide
This module was originally developed as a web-based training on the Corps Risk Analysis Gateway. The content has been modified to fit this format.
As noted throughout the Risk Analysis Gateway, there are three key tasks of risk analysis, including the following:
- Risk assessment: defining the nature of the risk, its probability, and the consequences, either quantitatively or qualitatively (or a combination).
- Risk management: the actions taken to accept, assume, and manage risk.
- Risk communication: the multi-directional exchange of information to allow a better understanding of the risk.
The goal of risk assessment is to identify and describe the risk(s) associated with a decision problem and to examine and evaluate the potential impacts of the risk. The purpose of risk assessment is to gather the information necessary to provide risk managers with the information needed to inform decisions.
In this introductory module, you will learn about activities associated with a risk assessment. Tools for conducting risk assessments, that is, the qualitative and quantitative methods for analyzing the potential risks, will be considered in the follow-on learning modules.
It is not the intent of this module to teach all of the possible methods for conducting risk analyses. Rather, the intent is to provide a broad understanding of the wide range of approaches and to provide resources to obtain more information about the various methods.
After completing this module you will be able to do the following:
- Describe the risk assessment model for the U.S. Army Corps of Engineers (USACE or Corps).
- Identify potential risks.
- Understand the steps taken to conduct a risk assessment.
You are encouraged to read through the examples, which look at specific concepts in more depth.