What do Open FAIR practitioners use to assess risk likelihood?

Open FAIR practitioners utilize historical data and expert judgment to assess risk likelihood, as this approach allows for a comprehensive understanding of past events and their impact on the organization. Historical data provides insights into previous incidents, including their frequency and consequences, which can be extremely valuable in estimating the likelihood of future risks. By analyzing patterns and trends from this data, practitioners can make informed predictions about potential risks.

Expert judgment complements this by incorporating the knowledge and experience of professionals who can interpret the data in the context of the organization’s specific environment. Experts may draw from their own experiences or industry standards to provide qualitative assessments that add depth and nuance to the quantitative data.

This combination of analyzing historical data and leveraging expert judgment helps to create a more accurate and robust assessment of risk likelihood, ensuring that risk management strategies are grounded in both empirical evidence and practical insights.