Risk Assessments

What is the Difference Between a Qualitative and Quantitative Risk Assessment?


Qualitative and quantitative risk assessments are very different methods used in risk management to prioritise and evaluate risks.


Qualitative Risk Assessment


A qualitative risk assessment involves assessing risks primarily based on subjective personal judgment, not using any numerical values. It is specifically suitable when hazard and risk data is limited.


Risks are usually assessed using descriptors such as high, medium and low risk along with qualitative scales like very likely, likely, and unlikely.


The qualitative method is based on the experience of personnel or risk management teams to make conclusions about the likelihood and consequence of identified risks.


Qualitative assessments are also beneficial for identifying which risks may require additional investigation or risk mitigation.


Quantitative Risk Assessment


A quantitative risk assessment is a methodology that assigns numerical values to a risk or risks, which makes the risk assessment more precise and detailed. It primarily measures the risk values based on the relation between the probability of the risk happening and the severity of the risk when exposed to it.


Quantitative risk evaluation methods are based on Monte Carlo simulations, decision trees, and other numerical means and provide an objective process of establishing risk values supporting decision-making.


In practice, both qualitative and quantitative risk assessments are generally used together. Qualitative assessments help identify and categorise risks, while quantitative assessments provide more detailed information about the likelihood and consequences of specific risks. When used together, both methods allow for a more comprehensive risk management strategy.


5X5 Risk Assessments


There are many ways to consider risk. You might consider risk in terms of the likelihood that something will occur and the severity of its potential to cause harm. This is the approach used within the 5x5 risk matrix.


What is the 5x5 Risk Matrix?


The 5×5 risk matrix is a practical tool that can be used to assess and convey risks to others. The sxs matrix is made up of five columns and five rows, with each individual cell containing a number and a colour.


The numbers represent the severity of the risk, while the colours indicate the likelihood of it occurring. The five likelihood categories are on one side, while their corresponding impact following a scale of low to high is on the other side.


First, it is worth understanding the difference between a HAZARD and a RISK
.

  • Hazard - Something with the potential to cause you harm
  • Risk - The likelihood X severity of the hazard causing an injury when exposed to it.


The 5x5 risk matrix is an effective tool used to evaluate and communicate risks and is separated into their likelihood and severity components.


LIKELIHOOD


The probability (Likelihood) that an event will occur can be expressed as a number on a 5-point scale, with 5 representing the highest likelihood and 0 representing the lowest.


The likelihood risk rating levels are as follows:

  • Rare: This is unlikely to happen and will have a negligable outcome.
  • Unlikely: This is more likely to happen but has low consequences.
  • Moderate: This is likely to occur and can have serious consequences.
  • Likely: This is almost certain to occur and will have significant consequences.
  • Almost certain: This is certain to happen and will have significant consequences.

 

SEVERITY


The severity refers to the possible results of an incident to occur. The severity is measured on a 5-point scale, with 5 indicating the most severe impact and 0 indicating the least.


The following represents the general terms used to describe the five levels to determine the impact of a risk:


  • Insignificant: This won’t cause severe injuries or illnesses.
  • Minor: This may potentially cause injuries or illnesses to a moderate extent
  • Significant: This can cause injuries or illnesses that may require hospital treatment.
  • Major: This can cause injuries or illnesses that will require hospital treatment and could be fatal.
  • Severe: This can result in very serious injuries, long term illnesses resulting in a fatality.

 

RISK MATRIX COLOUR CODING


Colour coding is necessary to distinguish between high, medium, and low risks. In the majority of 5x5 risk assessments, green represents a low risk, orange means a medium risk, and red represents a  high risk.

Both criminal and civil law apply to workplace health and safety. The Health and Safety Executive (HSE) may take action against you under criminal law and any person that has been affected by the breach of Health and Safety could make a claim against you under civil law.


Within the Approved Code of Practice and guidance l101 for Safe work in confined spaces; Confined Spaces Regulations 1997, and, The Management of Health and Safety at Work Regulations 1999; Regulation three (3) states that every employer (The Duty Holder) is required to create a Suitable and Sufficient assessment of all the risks to the health and safety of his employees which they are exposed to while at work.


A risk assessment can be created using the five (5) steps to risk assessment.


  1. Identify
  2. Decide
  3. Evaluate
  4. Record
  5. Review.


The HSE also provide information on Managing Risks and Risk Assessment at Work. Risk assessment templates can also be downloaded from their site.


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