What does Open FAIR suggest should accompany quantitative risk assessment?

Open FAIR, which stands for Factor Analysis of Information Risk, promotes a comprehensive approach to quantitative risk assessment. The inclusion of qualitative insights is essential because it enhances the understanding of the risk context and facilitates better decision-making. While quantitative assessments provide numerical data and metrics regarding risk impacts, they often lack the narrative that qualitative data brings.

Qualitative insights help in interpreting the numbers effectively, providing context around the risks, including potential vulnerabilities, threats, and the nature of the assets involved. This combination allows decision-makers to not just see the risks in terms of financial impact but also understand them in relation to organizational processes, stakeholder perspectives, and broader business implications.

In contrast, factors such as regulatory approvals, historical performance data, and financial forecasts may play a role in overall risk management but do not specifically address the need for qualitative perspectives that Open FAIR highlights as crucial for a well-rounded assessment.