IS 22223-IS RISK MANAGEMENT

ASSIGNMENT-I

Name : R.M.D.G.Rathnayaka
Index : 16APC2785
Deadline: 31/01/2020
Quantitative Risk Assessments Techniques
 In this assessment probability and consequence are not numerically estimated. They are
evaluated verbally using qualifiers like high likelihood, low likelihood, etc. Qualitative risk
assessments are good for screening level assessments.
 There are some kinds of tools and techniques when processing qualitative risk assessment to
determine the probability and impact of risks, including the following;
1) Three Point Estimate - This is used to determine the best estimate like as optimistic, most likely,
pessimistic values.
2) Decision Three Analysis - This is a diagram. It shows the implications of choosing one or other
alternatives. This is excellent tool for choose between several courses of action. This is a highly
effective structure.
3) Expected Monetary Value (EMV) - A method use to establish contingent reserves for project
budgets and schedules.
4) Monte Carlo Analysis - This is a technique that use optimistic, mostly and pessimistic estimates
to determine overall project costs and project completion dates.
5) Sensitivity Analysis – This is a technique use to determine which risks have the large impact on
a project.
 These techniques used to quantify risk associated with a significant adventure.
 The main purpose of use these techniques to perform on overall risk assessment that identifies
the interdependence of many risks.
 It is not uncommon for a supervisory authority to use several jointly, as these strategies can
provide a variety of insights into risk assessment.
Qualitative Risk Assessments Techniques

 Qualitative risk assessments used to quantify risk associated with a particular hazard. Also this
is often used for uncertain events that can have many repercussions and have significant
consequences.
 In this assess the likelihood and impact of identified risks to determine their magnitude and
priority.
 There are several types of techniques when performing qualitative risk analysis to determine the
probability and impact of risks, including following;
1) KISS method - This one-dimensional technique use for smaller projects that lack maturity in
risk assessments.

Risk Risk Rating

A Low
B Very High
C High
D Medium
E Very Law

2) Probability/Impact matrixes – This two-dimensional technique use for large, complex projects
to rate probability and impact of risk assessment.

3) The top 10 risk item tracking technique

4) Expert judgment

References

1) https://projectriskcoach.com
2) Information Security Risk Assessment Toolkit (Book) 2012
– By Mark Talabis & Jason Martin