Two ways to evaluate your risk
How do you evaluate risk? In this blog, we describe two functionalities that will help you to evaluate your risks and to see the strengths and weaknesses of your processes. The previous blog describes different approaches to evaluate risk, namely the qualitative way and quantitative way. In this part of the series, we will show you how to do a qualitative risk evaluation in two ways using BowTieXP.
The two ways that help you to create a clearer picture and evaluate the risks are:
1. Risk matrices
2. Consequence categories
1. Risk Matrix
The risk matrix is an effective tool to evaluate risks in a qualitative way. In BowTieXP it is possible to assess the risk on an inherent level and residual level concerning the hazard, top event and consequence. There are a couple of steps you need to go through to use the risk matrices to its full functionality.
- Change the risk matrix to your organization’s standards. Go to case > risk matrices. Click on a risk matrix and give it a name. To add risk categories, right click under risk categories. Here you can add a new category, select a color and change the text.