European Institute of Management and Finance | Risk Assessment Techniques
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Risk Assessment Techniques

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Risk Assessment Techniques


Risk assessment is an important step in protecting your staff, assets and business, as well as taking advantage of opportunities. It helps you focus on the risks that really matter in your business – the ones with the potential to cause real harm or real upside.


Risk Assessment is a systematic approach to identify hazards, evaluate risk and incorporate appropriate measures to manage and mitigate risk for any work process or activity.


This course shall introduce participants to the principles and the five steps of risk assessment and take them through the risk assessment techniques described in the NEC/ISO 31010 standard.


This course shall consider how the techniques apply to each step of the risk assessment process and help participants to develop the skills and knowledge required to be able to identify, assess and evaluate risks from a safety, environmental or business perspective.



Training Objectives


Through workshops and case studies participants shall acquire the skills to select and apply the most appropriate techniques depending on the risk and the step in the risk assessment process.


Upon completion of the programme participants will:


  • Understand the principles of risk assessment
  • Understand the practical application of risk assessment techniques
  • Be able to categorise and evaluate risk
  • Be aware of the various risk assessment techniques provided in the NEC/ISO 31010 standard
  • Be able to differentiate between qualitative, semi qualitative and quantitative techniques
  • Be able to select the most applicable technique depending on the step in the risk assessment process
  • Be able to apply the risk assessment techniques in real life risk assessments



Training Outline


Risk Assessment

  • Principles of risk assessment
  • The five steps of risk assessment


Risk Assessment Techniques

  • Brainstorming
  • Structured or Semi Structured Interviews
  • Delphi Technique
  • Check-lists
  • Preliminary Hazard Analysis (PHA)
  • Hazard & Operability (HAZOP)
  • Hazard Analysis & Critical Control Points (HACCP)
  • Toxicity Assessment
  • Structured what-if Technique (SWIFT)
  • Scenario Analysis
  • Business Impact Analysis (BIA)
  • Root cause analysis (RCA)
  • Failure modes and effects analysis (FMEA)
  • Failure modes and effects and criticality analysis (FMECA)
  • Fault tree analysis (FTA)
  • Event Tree Analysis (ETA)
  • Cause and Consequence Analysis
  • Cause and effect analysis
  • Layers of protection analysis (LOPA)
  • Decision tree analysis
  • Human reliability assessment
  • Bow Tie analysis
  • Reliability centered maintenance
  • Sneak Analysis & Sneak circuit Analysis
  • Markov Analysis
  • Monte Carlo Simulation
  • Bayesian statistics and Bayes Nets
  • FN curves
  • Risk Indices
  • Cost Benefit Analysis
  • Multi criteria decision analysis


Application of Risk Assessment Techniques (case studies/workshops)



Training Style


The programme is based on the ISO 310010 standard for risk assessment and will be delivered through presentations, workshops and case studies.


It facilitates participant discussion to ensure a thorough understanding of the key points and their application.


Real life case studies, workshops and exercises will be used to ensure practical understanding of each topic.



Who Should Attend


This course is suitable for anyone with responsibility for undertaking risk assessments, particularly line managers, supervisors and safety representatives, operations managers, production managers underwriters, auditors, finance managers, IT managers and administrators, brokers and insurance intermediaries.