We’ve come to the end of Jiaqi Sun’s review of enterprise risk assessment methodologies. All that’s left to do is sum up what we’ve discussed, with potential recommendations.
Source: United States Environmental Protection Agency (EPA)
- The peaks-over-threshold method (Oesterreichische Nationalbank, 2006)
On the 14th of June, the deadliest English mainland fire since 1900 occurred at Grenfell Tower, a 24-storey, 220-foot high tower block of public housing flats in North Kensington, in west London. The cause of the fire has not yet been finalised, but several media outlets reported that it may have been caused by a faulty refrigerator. A fourth-floor resident told the media that it was her neighbour's refrigerator that caught fire around 01h00, and that they immediately began knocking on doors to alert people. She also stated she saw a small fire in his kitchen through his opened door. Within half an hour the building was entirely engulfed in flames. The speed at which the fire spread is believed to have been aided by the building's recently added exterior cladding.
Today’s blog offers an extensive understanding of risk analysis and evaluation. It’s a big one, but we assure you all the information is critical to grasping the full scope of this aspect of risk management.
For both quantitative and qualitative approaches, a wide range of techniques exist as illustrated in the chart below (please refer the American Bureau of Shipping (2000) for more details). Each technique has its own: