2: Risk Assessment: The Three Eras of Risk Assessment

In the previous chapter we explored what is meant by risk, and it was clear that although we all know what risk means, it is a multi-faceted construct which is not always understood in the same way by different professionals nor across different fields. The need to discuss and define what is meant by risk is therefore an important first step towards successful and meaningful risk assessment; we must know what we are assessing before we can assess it. This chapter will move the discussion into one which is a step further towards practical application. The chapter will explore what risk assessment is and what it is not, first and foremost. It will then discuss different approaches to risk assessment, outlining where each approach's use is appropriate or not. Before we start, we want to highlight that there is no one ‘correct’ approach to risk assessment. Different professions require specific approaches and/or tools and techniques to properly assess the risk at hand. This chapter provides an overview of some of the key approaches; it is not a definitive ‘how-to’ guide. However, by having a broad understanding of the key approaches, you will be well placed to critically assess and consider what will best work within your profession and for your specific purpose.