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

Robert Waller, Margaret Coleman, Samuel Denard and Emma Soane

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

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.

Keywords: risk analysis quality; microbial risk analysis; cultural property risk analysis; cyber risk analysis (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2024-04-04
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Published in Risk Analysis, 4, April, 2024, 44(8), pp. 1886-1895. ISSN: 0272-4332

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