Despite increasing (and well-founded) criticism of qualitative risk registers and heatmaps, the fact remains that both these artefacts continue to be ubiquitous features of project and enterprise risk management practices worldwide. Central to the various criticisms is the fact that qualitative risk registers attempt to “manage risk” rather than providing relevant information to decision-makers regarding the effects of the various uncertainties on planned objectives – i.e., risk management in its current format is not enabling risk-informed decision-making.

Quantitative risk assessment is proposed as a deliberate evolution of traditional risk management practices with the explicit objective of providing decision-makers with relevant and realistic information regarding the uncertainties which could affect planned objectives. “Evolution” because qualitative risk registers are positioned as an input into the quantitative risk assessment process, as a database of identified uncertainties, and no longer the capstone of risk management activities.

The webinar will explore how existing risk registers can evolve to incorporate stochastic risk data quantitatively. When transformed into information by linking it to planned objectives, this data has the potential to inform the knowledge required by decision-makers to practice risk-informed decision-making.