One of the key responsibilities of risk professionals is to provide actionable risk insights to enable the decision-makers to take strategic business decisions. For a long period of time, risk practitioners have relied on qualitative assessments, such as red, yellow, green heatmaps, which help understand the likelihood, severity, and impact of risks and the overall risk landscape. However, qualitative risk assessments are greatly affected by the assessor’s bias and level of experience and are often open to interpretation. The subjectivity and ambiguity associated with qualitative risk assessments can be addressed with quantitative risk assessments.
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