We promote Quantitave Risk Assessment at Orion Product Development Ltd. This is the formal determination of the level of risk related to a given potential threat or hazard. It is particularly required when potential threats to life, environment and / or product reliability are present.
This requires the calculation of two components for any given potential threat, namely:
- The magnitude of the potential loss
- The probability that it will occur
Risk assessments are often complex and should involve all key stakeholders in an organisation. They are recorded on a work sheet for each system design, which can be tailored depending on the complexity of the product and the project requirements.
We can provide all of the tools and templates required and facilitate the process itself, while training and mentoring your team in the required techniques so they can be used efficiently on future projects