Janco's threat, risk and vulnerability assessment is an objective evaluation of threats, risks, and vulnerabilities in which assumptions and uncertainties are clearly considered and presented.
EPEn personnel are multi-disciplinary and have very diverse backgrounds, giving great depth and breadth to our risk assessment capability. Such ‘fast tracking’ of projects will invariably introduce additional risks being carried forward into the project.
Our risk management process will ensure that these risks, along with their consequences, are understood and managed to mitigate later impact on the successful outcome of the project. EPEn always recommends that a risk register is created as early as possible during the conceptual engineering so that mitigating actions can be carried out in good time. We use proprietary software, EPRisk to collect the data during the workshop and to generate the risk register. It must be understood that the above process is essentially a semi-quantitative process that may not cover all of the risks in sufficient detail. A risk assessment will protect your workers and your business, as well as complying with law. A person from your organisation needs to attend risk assessment training as it will ensure that this person is competent within your organisation and will gain abilities such as hazard identification, ability to categorise and evaluate risk(s). There are no fixed rules on how a risk assessment should be carried out, but there are a few general principles that should be followed. You should never forget that few workplaces stay the same and as a result this risk assessment should be reviewed and updated when required.
I hope this post has given you more insight into risk assessments,  please feel free to discuss this information or post more specific information below.
Risk shall mean the combination of the overall probability, or frequency of occurrence of a harmful effect induced by a hazard and the severity of that effect.
Risk assessment is performed to determine the magnitude of risk and to establish whether measures are needed to contain it within defined limits. Aircraft operators and aviation service providers shall also define those levels of management with authority to make decisions regarding safety risks tolerability.
Risk assessment is based on the evaluation of the following criteria: the severity of a hazard, the probability (frequency) of its occurrence and tolerability of its effects.
A credible assessment of the severity of hazard effects requires detailed knowledge of the environment of operations and the services (functions) to be performed. Both probability of occurrence of a hazard effect and the severity potential of that effect, need to be taken into account when deciding on the tolerability (acceptability) of a risk.

Throughout the aviation industry, many different versions of risk assessment matrices are available. The output from risk classification is used to determine the risks the organisation should act upon. Various strategies and approaches can be used by aircraft operators and aviation service providers in order to reduce the unacceptable risks to tolerable levels. According ICAO Doc 9859 - Safety Management Manual, there are many options - formal and less formal - to approach the analytical aspects of risk assessment.
Part of the difficulty of risk management is that measurement of both of the quantities in which risk assessment is concerned - potential loss and probability of occurrence - can be very difficult to measure. Below is a sample of a risk assessment created with the Threat Vulnerability Assessment Tool. In that way the client has the ability to leverage the experience of Janco in areas of risk assessment and security management and control. In a project environment, the emphasis is mainly on the identification and management of risks but the chance to make the most of an opportunity should not be overlooked. We routinely begin with a facilitated risk workshop; the most effective means of collecting risks “in bulk”. Therefore one of the mitigation actions may be to perform a quantitative risk analysis (QRA) or a cost benefit analysis before a final decision can be made. As for when to do a risk assessment it should simply be conducted before you or any other employees conduct some work which presents a risk of injury or ill-health.
These abilities will allow a ‘suitable and sufficient’ risk assessment to be conducted within your own organisation. A hazard is ‘something with the potential to cause harm’ and a risk is ‘the likelihood of that potential harm being realised’. The hazards can either be removed completely or the risks controlled so that the injury is unlikely. Risk assessment does not represent an end in itself, but should contribute to controlling risks to an acceptable or tolerable level. Aircraft operators and other aviation service provider organisations should establish and apply a formal risk management process within the framework of the organisational SMS.
Elements to be considered in the severity assessment would include a number of indicators, such as crew workload, exposure time to the hazard, aggravating factors etc. For example, the most severe effect (consequence) will only be chosen in such cases when the total system has exhausted its possibilities to affect what continues to happen and only chance determines the outcome, for example the ingestion by aircraft engines of birds greater than they are designed and certificated to withstand and continue functioning where this occurs simultaneously to more than one engine.

Unless there is a very high capture rate of relevant occurrence data which has been appropriately stratified, it may be difficult to find meaningful empirical data and subjective assessment will then be all that is possible. It is a common practice to use a risk classification matrix in support of this two-dimensional judgement. A composite assessment of risk, to assist in comparing risks, may then be derived by multiplying the severity and probability values. Decision making will require clearly defined criteria about acceptable or tolerable risk and unacceptable risk (see “Acceptable Level of Safety” in Safety Planning article).
This third and very important step of risk management is discussed further in the Risk Mitigation article. For some risks, the number of variables and the availability of both suitable data and mathematical models may lead to credible results with quantitative methods (requiring mathematical analysis of specific data). Over time, quantitative data may support or alter the determinations of severity and probability, but the initial risk determinations will most likely be qualitative in nature, based on experience and judgment more than factual data. Risk management shall ensure that risks are systematically analysed (in terms of probability of occurrence and severity of hazard effects), assessed (in terms of tolerability) and controlled to an acceptable level (by implementation of mitigation measures).
ICAO Doc 9859 - Safety Management Manual highlights the importance of distinguishing between hazards (the potential to cause harm) and risk (the likelihood of that harm being realised during a specified amount of risk exposure). Examples of Risk Assessment and Mitigation in ATM from EUROCONTROL and Predictive Risk Matrix used by FAA for airline operations can be viewed here.
The assessment of tolerability (acceptability) is critical in making rational decisions to allocate the limited organisational resources against those risks posing greatest threats and this process often may require a cost-benefit analysis.
A risk with a large potential loss and a low probability of occurring is often treated differently from one with a low potential loss and a high likelihood of occurring. Probability of occurrence is ranked through five different levels of qualitative definitions, and descriptors are provided for each probability of occurrence. In theory, both are of nearly equal priority in dealing with first, but in practice it can be very difficult to manage when faced with the scarcity of resources, especially time, in which to conduct the risk management process.

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