What type of analysis does Open FAIR emphasize for comprehensively understanding risk?

Open FAIR emphasizes the importance of both qualitative and quantitative analysis for a comprehensive understanding of risk. This dual approach allows organizations to capture the nuanced aspects of risk that qualitative analysis can offer, such as expert opinions, contextual factors, and stakeholder perspectives, while also leveraging quantitative analysis to provide data-driven insights, statistical estimations, and measurable outcomes.

Utilizing both types of analysis fosters a more holistic view of risk, combining subjective assessments with objective data. This integration helps organizations prioritize risks effectively, allocate resources appropriately, and make informed decisions based on a thorough understanding of both the qualitative narratives and quantitative metrics involved in their risk landscape.