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Lessons identified from applications of the Risk Analysis Quality Test Release 1.0

Author

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  • Waller, Robert
  • Coleman, Margaret
  • Denard, Samuel
  • Soane, Emma

Abstract

The Risk Analysis Quality Test Release 1.0 (RAQT1.0) was developed as a framework to encourage mutual understanding between technical risk analysts and risk management decision makers of risk assessment quality indicators. The initial version (release 1.0) was published by the Society for Risk Analysis (SRA) in 2020 with the intent of learning from early test applications whether the approach was useful and whether changes in approach or contents would be helpful. The results of applications across three diverse fields are reported here. The applications include both retrospective evaluations of past risk assessments and prospective guidance on the design of future risk assessment projects or systems. The fields represented include Quantitative Microbial Risk Assessment, Cultural Property Risk Analysis, and Software Development Cyber Risk Analysis. The RAQT1.0 proved helpful for identifying shortcomings in all applications. Ways in which the RAQT1.0 might be improved are also identified.

Suggested Citation

  • Waller, Robert & Coleman, Margaret & Denard, Samuel & Soane, Emma, 2024. "Lessons identified from applications of the Risk Analysis Quality Test Release 1.0," LSE Research Online Documents on Economics 122109, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:122109
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    File URL: https://researchonline.lse.ac.uk/id/eprint/122109/
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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