The two primary methods of risk analysis are Quantitative and Qualitative. Quantitative risk analysis is comprised of two fundamental elements; the probability of a specific event occurring and its impact or loss if it occurs.  Qualitative risk analysis is the most common procedure and does not take into account the probability of an event occurring just its estimated impact or loss.

Quantitative risk analysis is by far the most comprehensive form of analysis you can perform. It can be complex and expensive but the results will cover a broad range of risks and threats and provide you with an accurate risk profile.

Qualitative risk analysis is much less complex and less expensive and may be appropriate given the size of your organization and budget constraints.

In either case you need to be prepared to provide the risk assurance consultant with a tremendous amount of information. In many cases this includes interviews with key personnel and vendors. A risk analysis may also be combined with a security assessment and / or penetration test.

ParaLogic dedicates Sr. Risk Assurance consultants to risk analysis projects so the entire project is handled by one person from cradle to grave.