Risk Criteria and Risk Evaluation

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Risk criteria and risk evaluation refer to the process of identifying, analyzing and assessing risks that can be encountered in an organization. This process involves determining the potential impact of those risks and assessing their likelihood of occurrence. Risk criteria may include factors such as the cost associated with the risk, the impact and likelihood of the risk, the ability to mitigate or avoid the risk and the importance of the risk to the organization.

Risk evaluation is the process of assessing and ranking risks based on the criteria established. This involves assessing the potential impact and likelihood of each risk, while also considering the cost associated with the risk, the ability to mitigate or avoid the risk, and the importance of the risk to the organization.

This video explains what risk assessment criteria and factors are involved, explains what risk evaluation is, and explains how to evaluate and rank risks using established criteria. It also provides guidance and best practices for organizations to identify and manage risks.