Glossary definition: Focused Risk Assessment

Focused Risk Assessment: A Guide

Focused Risk Assessment is a process used to identify, analyze, and prioritize risks associated with a particular activity, project, or business venture. It involves identifying the potential risks associated with the activity, project, or venture, assessing the probability of their occurrence and the severity of their impact, and evaluating the effectiveness of existing risk management strategies. It also includes developing strategies for managing the identified risks and monitoring the progress of the risk management plan. Focused Risk Assessment is a critical component of effective risk management, as it allows organizations to understand and manage the risks associated with their activities, projects, and ventures.