Throughout our daily lives, we assess risk. At the grocery store, driving to work, giving advice to our kids and buying a car are all examples of internal risk analyses. How can we be sure that we’ve considered everything? Do we know that we’ve given every aspect the proper weight? Do we truly know the effect of every situation?
Risk versus cost – isn’t that what it all boils down to? Is it really worth it? Risk analysis is designed to list every hazard of a component, product or process and determine the probability and severity to determine the total risk. Capturing this in a table will ensure that whatever can be done to mitigate hazards and that the residual risk will be known. After mitigations are put into place, the risk can be reduced. Final testing may be put into place, materials changed or process controls may ensure that risks are controlled.
Although we informally may assess risks, it may not be thorough enough. When the severity is unacceptable, we want to be sure that we’re taking the proper steps. No risk is worth taking the chance!
-eaf