A short description of Risk

ISO 31000 standard defines risk as the impact of uncertainty on objectives, whether positive or negative.
To illustrate this concept, we can identify various types of risks, including operational, natural/human/technological, and cyber risks.
Operational risks arise from internal failures, like transaction errors in banking. Natural/human/technological risks encompass a wide range of threats, while cyber risks involve security-related issues like hacking attacks.
Managing these uncertainties is vital to minimize disruptions and maximize opportunities in achieving organizational objectives.

What is Risk Analysis ?

Risk analysis is the systematic process aimed at assessing and understanding the potential risks an organization is exposed to, as well as their potential impacts on its objectives.
This approach involves identifying, categorizing, and analyzing risks to make informed decisions for their appropriate management.
But what does risk analysis entail exactly?

• Risk Identification: The first step in risk analysis is to recognize potential risks. This involves spotting risks, whether they originate from within the organization or externally. This phase requires a comprehensive view of the company's operations and its operating environment.

• Risk Assessment: Once identified, risks undergo a thorough assessment. This includes estimating their likelihood of occurrence and their potential impact on the organization's objectives. This assessment allows for risks to be ranked based on their severity.

• Risk Analysis: The third step delves deeper into each identified risk. It seeks to understand the underlying causes, consequences, and influencing factors associated with them. This in-depth analysis provides a comprehensive perspective on each threat.

After conducting a comprehensive risk analysis, the next step is risk management.
This is where decisions are made to proactively handle and mitigate these risks.
2 major phases:

• Recommendation of Risk Management Measures: Based on the results of the risk analysis, risk management proposes specific actions. This can include implementing internal controls, transferring risks through insurance, deliberately accepting certain risks, or adjusting processes to reduce threats.

• Continuous Monitoring and Updating: Finally, risk management is an ongoing process. It requires continuous vigilance to detect any changes in the risk landscape. Risk management measures must be adapted as necessary to ensure adequate protection.

Our methods for risk analysis and management

There are dozens of risk analysis methods, all very effective in their respective fields of application.
This is why we decided not to create yet another method which would have little chance of revolutionizing risk analysis.
We have mastered several key methods that we make available to our clients to design a personalized risk analysis system by combining their key benefits and performances.
We therefore master many methods very well, in particular the following approaches:

• Probability and impact matrix

• Statistical modeling

• Decision trees

• Quantitative scenario analysis

• HAZOP (Hazard and Operability Study)

• FMEA (Failure Modes and Effects Analysis)

• FTA (Fault Tree Analysis)

• ETA (Event Tree Analysis)

• QRA (Quantitative Risk Assessment)

• HACCP (Hazard Analysis and Critical Control Points)

• PHA (Preliminary Hazard Analysis)

• What-If Analysis

• Fast Risk Assessment Process

Tooled methods

We have also integrated tooled methods into our arsenal that provide software adapted to the management of risk analysis data.

• MEHARI is an information security risk analysis and management framework, developed by CLUSIF. It offers a structured approach for the identification, assessment, and management of risks, aligned with international standards such as ISO 27001.
  MEHARI is adaptable to different sizes and types of organizations.

• EBIOS is a French method for analyzing risks for the security of information systems, developed by ANSSI. It guides organizations to identify and assess risks, and to define the necessary security measures. EBIOS follows several steps, including threat analysis, vulnerability determination and risk management, while enabling compliance with information security standards.

Training from our catalog

Risk management is our business.
We have therefore developed a very comprehensive training framework.

Key factors:

Taylor Made Risk Analysis or Management Training

We can create training suitable exactly to your needs.
To do this, you must provide us with all the information concerning your needs so that we build the offer you need.
Please send us a request by email with the following information:

• Last name, first name, function, telephone and email of the applicant
• Company name and address
• Name and description of the desired training
• Training perimeter (for example: Fault Tree Analysis - Definition of strategies)
• Audience experience (beginner/confirmed/expert)
• Duration of training in days
• Place of training
• Logistics needs (room, equipment, meal delivery)
• Language of training (French / English
• Budget and constraints
• Other requests

One of our highly successful tailor-made training courses is "crisis management in the industrial world". Our client has ordered this training cycle every year since 2017 and it shows no signs of stopping.