IDEAS home Printed from https://ideas.repec.org/a/taf/jriskr/v27y2024i8p1028-1040.html
   My bibliography  Save this article

Defining and assessing risk analysis quality: insights from applications of the SRA risk analysis quality test

Author

Listed:
  • John Lathrop
  • Irem Dikmen
  • Emma Soane
  • Terje Aven

Abstract

The Applied Risk Management Specialty Group of the Society for Risk Analysis (SRA) identified a need to define, characterize, and improve risk analysis quality, specifically its quality in supporting risk management. To address that need, they drew on prior research and experience to develop the Risk Analysis Quality Test, the RAQT, a list of 76 questions, each asking if a risk analysis satisfies an aspect of risk analysis quality. The RAQT is both a definition of risk analysis quality, and a ‘spotter’ of shortfalls, providing a language with which to describe then address possible shortfalls. The 76 questions were compiled by a working group based on risk science knowledge and on shortfalls they had observed in practice. With this study, we demonstrate that, simply by defining an explicit process to characterize risk analysis quality, the RAQT can improve risk analysis quality on several levels. We describe applications of the RAQT at each of three levels: 1) to evaluate risk analysis reporting within a large project; 2) to critique and suggest improvements for describing risk; and 3) more strategically, as a basis for orienting an organizational culture around awareness and management of risk. Finally, we discuss the implications of our study. This paper contributes to the risk analysis body of knowledge and practice by demonstrating the critical role of risk analysis quality assessment to identify shortfalls in risk characterization and communication, and the role of organizational culture in shaping how effectively risk analyses can guide risk management.

Suggested Citation

  • John Lathrop & Irem Dikmen & Emma Soane & Terje Aven, 2024. "Defining and assessing risk analysis quality: insights from applications of the SRA risk analysis quality test," Journal of Risk Research, Taylor & Francis Journals, vol. 27(8), pages 1028-1040, November.
  • Handle: RePEc:taf:jriskr:v:27:y:2024:i:8:p:1028-1040
    DOI: 10.1080/13669877.2024.2431902
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/13669877.2024.2431902
    Download Restriction: Access to full text is restricted to subscribers.

    File URL: https://libkey.io/10.1080/13669877.2024.2431902?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:jriskr:v:27:y:2024:i:8:p:1028-1040. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RJRR20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.