Applied Risk Management
Risk Analysis Quality Test, RAQT
The Applied Risk Management Specialty Group, in partnership with 19 authors and the SRA, has developed the Risk Analysis Quality Test, RAQT, a set of challenging questions that, together, provide a basis for evaluating the quality of risk analyses supporting risk management decisions. The opening pages of the RAQT present a 14-bullet explanation.
The RAQT has four goals:
1. To provide a standard procedure and standard “yardstick” with which to define and measure the quality of risk analyses supporting risk management decisions.
2. To provide “Full Disclosure,” not insistence on any ideal analysis quality. That is, in the real world of budgets, schedules, competing interests and other decision factors, no analysis can score a “Yes” on every question in the RAQT. But risk management decision makers using risk analysis should be made aware of any shortfalls, and the implications of those shortfalls for their decision making.
3. To consider every discovered shortfall as an “Opportunity To Improve.”
4. To create a culture of analysis quality, where every involved analyst and decision maker is aware of the shortfalls, their implications, and the need to, and ways to, improve the risk analysis.
The RAQT defines “risk analysis” to include all of the analysis process steps involved in supporting risk management decisions, including:
- setting context
- stakeholder involvement
- risk identification
- risk assessment
- risk evaluation
- risk communication
- risk management decision advising
- risk governance
Questions should be emailed to the lead author at email@example.com.