How to Calculate Risk Score: A Step-by-Step Guide for Better Decision Making
Miscalculating a risk score can turn small vulnerabilities into major disasters. This challenge affects organizations in every sector, from businesses evaluating cybersecurity threats to healthcare providers using tools like the Framingham risk score for patient assessments.
Risk scoring transforms subjective assessments into quantifiable values. You can prioritize threats and allocate resources with greater precision. You might be building a risk score matrix for your organization or selecting the right method for risk assessment. Accurate calculations remain essential for smarter decisions.
This piece walks you through each step of calculating risk scores. You'll move from guesswork to analytical risk rating.
What Is Risk Scoring and Why It Matters
Risk scoring serves as a systematic method of evaluating and measuring potential risks using predetermined criteria and calculations[31]. It assigns numerical values to individuals or situations based on specific risk factors, where a higher score reflects higher risk[2]. Organizations apply this metric to stratify populations, prioritize security events, and allocate resources toward the most critical vulnerabilities[3].
The Purpose of Risk Scoring
Organizations adopt risk scoring to move beyond subjective judgment and implement structured, repeatable assessments. The process measures the potential effect of security events and enables businesses to pinpoint and rank risks with greater precision[3]. This numerical framework provides objective criteria for risk comparison across departments, standardizes communication about threats, and supports analytical decision-making capabilities[31].
The development of risk scoring reflects major technological progress. The process relied heavily on manual calculations, expert opinion, checklists, and past experiences in the past, making it slow and somewhat subjective[3]. Advances in artificial intelligence and machine learning have transformed this into a more objective, data-driven effort and allow organizations to sift through vast amounts of data at unprecedented speeds[3]. Businesses can now predict potential vulnerabilities with greater precision, which enables proactive strategies rather than reactive responses[3].
Key Components of a Risk Score
A typical scoring method has three distinct elements that work together to produce useful results[2]:
- Consistent rules or weights that assign numerical values to each risk factor and reflect the estimation of underlying risk
- A formula that calculates the score through a simple sum of accumulated points
- A set of thresholds that translates the calculated score into risk levels or converts scores back into probabilities
The calculation process incorporates multiple factors to create a complete assessment[31]. Data collection gathers relevant information from various sources, while data quality assessment ensures the accuracy and reliability of input data. Weighting factors assign appropriate importance to different risk components, and mathematical models apply suitable formulas and algorithms to generate the final score.
Risk scoring begins with identifying assets at risk, whether data, physical assets, or personnel, then evaluating the threats and vulnerabilities associated with these assets[3]. Threats can range from cybercriminal activities and natural disasters to system failures and insider attacks. The assessment examines both the likelihood of each event occurring and the potential effect should it materialize[3].
The requirements of simplicity and easy interpretation make risk scores valuable. The result of the calculation produces a single number, with higher scores that indicate greater risk of negative outcomes[2]. Many scoring methods enforce monotonicity along measured risk factors to allow straightforward interpretation. Risk of mortality only increases with age, while risk of payment default only increases with the amount of total debt a customer carries[2].
Risk Scoring vs Traditional Risk Assessment
Risk assessment represents the full exercise of identifying potential threats, evaluating their effect, and prioritizing response efforts[32]. It forms the foundation of risk management and informs decisions across business and IT functions. Risk analysis focuses on evaluating already-identified risks and measuring their likelihood, potential effect, and speed of occurrence[32].
Traditional risk assessments often rely on subjective ratings that vary from one reviewer to another[32]. These conventional approaches don't handle consistency well when different departments or individuals apply varying standards to similar risks. Risk scoring addresses this limitation by translating qualitative judgment into structured, repeatable numbers[4].
The main purpose of risk assessment centers on avoiding negative results related to risk or evaluating possible opportunities[22]. It combines the effort of identifying and analyzing possible future events that could adversely affect individuals, assets, processes, or the environment with making judgments about managing and tolerating risk based on that analysis[22]. Risk scoring boosts this process by providing standardized metrics that enable efficient resource allocation for risk mitigation and improved regulatory compliance and reporting[31].
Understanding Risk Score Fundamentals
The mechanics of risk scoring rest on two fundamental pillars that determine how threats are evaluated and ranked. These core elements are the foundations for implementing any risk assessment framework.
Likelihood and Impact as Core Elements
Risk calculation follows a straightforward formula: Risk = Likelihood × Impact[33]. Both likelihood and impact are scored on a scale of 1-5, producing a maximum risk score of 25[33]. Most risk assessment methodologies are built on this mathematical relationship.
Likelihood represents the probability of an occurrence after existing control measures are considered. Assessments typically get into this probability within a five-year timeframe for consistency[33]. Organizations define likelihood using specific descriptors tied to percentage ranges. A score of 1 indicates a rare event with 0-5% probability, occurring once in 10+ years[33]. A score of 2 represents a possible event with 6-20% likelihood. A score of 3 reflects a likely occurrence at 21-50% probability[33]. Higher scores follow this progression: 4 for very likely events (more probable than not), and 5 for almost certain events exceeding 80% probability[33].
Impact assessment looks at consequences from the organization's point of view. The rating scale moves from minimal financial impact (less than 1% of turnover) at level 1 through progressively severe outcomes[33]. A score of 2 reflects 1-2% financial impact with local publicity concerns. Level 3 indicates 3-5% financial impact with national publicity and major injury potential. Score 4 represents 6-20% financial impact with substantial regulatory consequences and possible fatalities. The highest rating, 5, applies when an organization faces potential business cessation or losses exceeding 20% of turnover[33].
Common Risk Scoring Frameworks
Organizations implement various frameworks tailored to their specific needs. The NIST approach assigns every control an original weighting from 1-10 based on its importance to security and privacy posture[34]. Subsequent calculations are built on this control baseline risk score.
Security controls receive ratings for three critical attributes: Confidentiality, Integrity, and Availability[34]. Organizations assign CIA ratings from 1-10 to controls based on the criticality of information types[34]. Organizations complete a Data Type Questionnaire to determine overall system security categories and calculate risk score modifiers initially. A Risk Profile Questionnaire then performs additional control scoping and calculates final risk score modifiers for the applicable control set[34].
The framework lets organizations assess components based on their implementation of prescribed controls. The sum of all component potential risk equals the total system potential risk[34]. Final scores incorporate multiple security inputs, including manual assessments, vulnerability scans, and compliance data, so organizations know how to make direct comparisons enterprise-wide[34].
Risk Score Matrix Explained
A risk assessment matrix visualizes risk evaluation through a grid structure with likelihood plotted on one axis and severity on the other[35]. Each cell represents a specific risk scenario assigned a corresponding risk level based on the intersection of likelihood and severity values[35].
Organizations choose from several matrix configurations. A 3×3 matrix provides nine risk levels and works well for projects with manageable risk counts[36]. The 4×4 matrix offers 16 risk levels with more granularity, balancing detail and simplicity for moderately complex projects[36]. A 5×5 matrix delivers the most detailed assessment with 25 risk levels, suited for complex projects requiring precise categorization[36].
The methodology distinguishes between two risk types. Inherent risk represents the exposure level an activity would pose without any controls or mitigating factors[5]. Residual risk measures the exposure remaining after proposed or additional controls are implemented[5]. Where controls are required, residual risk should fall below inherent risk. However, in cases where inherent risk already registers as low, residual risk may remain unchanged[5].
Step 1: Identify and Catalog Your Risk Factors
Building an accurate risk score starts with complete data collection and cataloging. This original step determines the quality of your entire assessment and makes it worth the investment of time and resources to gather information in a systematic way.
Gathering Data from Multiple Sources
Data gathering allows you to develop an understanding of what hazards and risks exist within your environment and how they affect operations. The process comes down to four key components: analyzing previous injuries and illnesses, perusing the work being done, how it's being done, and the hazards and risks associated with it[37].
Reference historical information sources first. Loss runs provide historical information on insurance claims. Injury and illness databases, OSHA logs, property damage reports, and chemical releases offer valuable insights[37]. Documentation on close calls, workplace audits and inspections, and manufacturer instructions can also be useful resources in developing insights into safety performance[37].
Organizations just starting out without workplace-specific data can use industry data as a viable alternative. You can reference information on the types of hazards and risks present in similar facilities and with the use of similar equipment, along with any injuries and fatalities that have occurred as a result[37].
Walking the floor provides another critical data source. Visual observations and speaking with workers about the hazards they face in performing their duties can provide valuable insights into common and less obvious hazards present in the workplace[37]. Gather insights not only on hazards present in their day-to-day responsibilities but also in nonroutine tasks they perform when you interview workers[37]. These tasks may present more severe hazards with a higher probability of injury, although workers don't perform them as often[37].
Multiple data sources mean you combine information from different systems, datasets, and sources to gain a more complete understanding of potential risks[38]. Data that would otherwise be siloed helps uncover hidden vulnerabilities, prioritize responses, and make better-informed decisions when connected[38]. One flood resilience project brought together building-level data, deprivation indices, and flood risk policy datasets and created a more integrated view of exposure and vulnerability[38].
Organizations collect risk data through several channels. Hazard identification documents safety hazards at the workplace through methods like HAZID (HAZard Identification) and LMRA (Last Minute Risk Analysis)[39]. Incident reporting systems document all incidents and aid both internal and external learning. They collect event data, roster data, equipment data, and qualitative survey information[39]. Observation forms track safety behavior, order and tidiness, machine safety, industrial hygiene, ergonomics, gangways, and first-aid and fire safety[39]. Risk registers in Permit To Work systems capture risks associated with safety-critical processes like maintenance, hot work, and confined space entry[39].
Categorizing Threats and Vulnerabilities
Vulnerabilities answer the question: How could harm occur[40]? A vulnerability can exist from an asset's implementation or deployment alone[40]. A car left unlocked in a public parking lot represents a vulnerability, though it doesn't mean harm will occur[40].
Threats answer the question: Who or what could cause harm[40]? A threat is anything that could exploit a vulnerability and hinder the confidentiality, integrity, and availability of anything valuable[40]. Threats can either be natural or human-made and accidental or deliberate[40].
You can determine how much risk is posed once you know an asset's vulnerabilities and threats. This measure combines the likelihood that a threat exploits a vulnerability and the scale of harmful consequences[40]. Risk management techniques define risk as a combination of threat, vulnerability, and impact, though others define risk in terms of high-level outcomes to achieve or avoid[41].
Defining Your Risk Appetite
Risk appetite can be defined as the amount and type of risk that an organization is willing to take to meet their strategic objectives[42]. Organizations have different risk appetites depending on their sector, culture, and objectives, with a range of appetites existing for different risks that may change over time[42].
Risk appetite is about the pursuit of risk. Risk tolerance is about what an organization can cope with[42]. Risk appetite sets the tone for risk taking in general, whilst tolerance informs expectations for mitigating, accepting, and pursuing specific types of risk, boundaries and thresholds of acceptable risk taking, and actions to be taken or consequences for acting beyond approved tolerances[43].
An entity's risk appetite assists entities to make better choices by thinking over risk more effectively in decision making when determined and articulated[43]. You can assess if you're maintaining the right level of risk and balancing threats with opportunities only by comparing risk appetite and exposure[43].
A risk appetite statement contains these elements[43]:
- A clear statement of endorsement from senior leadership
- A definition of what the risk appetite statement is and how it's to be used
- A high-level statement of the organization's overall attitude to risk taking
- A series of risk tolerance statements arranged against risk categories
- Conditions, caveats, and limitations in exercising that risk tolerance
The whole risk cycle and any risk framework is maybe at a halt without clearly defined, measurable tolerances[42]. Your risk scoring efforts arrange with organizational objectives and strategic priorities when you define your risk appetite before moving forward with calculations.
Step 2: Assign Values to Likelihood and Impact
Numerical values assigned to likelihood and effect transform abstract risk evaluations into applicable data. Organizations must choose among quantitative, qualitative, and semi-quantitative methods as their first decision in risk analysis[44].
Creating a Rating Scale
Likelihood measures the chance of an event happening within a defined timeframe. A five-point scale provides the standard framework, with 1 representing the lowest rank and 5 the highest[44].
A score of 1 indicates rare or remote events that will never happen, occurring in less than 5% of cases or once in more than 10 years[44]. A score of 2 reflects events that may occur between 5-30% of the time, once every 5-10 years[44]. Possible or occasional events receive a score of 3, with occurrence rates of 30-70% or once every 1-5 years[44]. Events score 4 when they happen 70-95% of the time on a monthly basis or several times a year[44]. Almost certain events merit a 5, occurring 95-100% of the time on a weekly basis or multiple times monthly[44].
Scoring follows a similar 1-5 scale based on predicted outcomes[44]. A score of 5 indicates catastrophic consequences causing death, while 4 represents major injury leading to long-term incapacity or disability[44]. Moderate effects requiring professional intervention receive a 3[44]. Risks cannot be compared against each other or prioritized without this standardization[44].
Using Qualitative vs Quantitative Measures
Quantitative approaches calculate numeric values for each risk component and determine effect, probability, and risk level through figures[44]. To cite an instance, risk levels for patient injury could be defined through historical frequency or statistical data, with numerical values expressing potential effect from minor injuries to severe trauma[44]. These objective measures derive from numerical data and statistical analysis, often with complex calculations using probability and effect metrics[7].
Qualitative methods express likelihood and consequence levels through descriptions using pre-defined rating scales rather than figures[44]. This approach proves useful when calculating numerical risk values is impossible or difficult[44]. Teams can collect information using structured interviews, expert judgments, or measuring methods when numerical data are inadequate or unavailable, resources are limited, or time is scarce[44].
Semi-quantitative assessment represents an intermediary level, ranking risks according to a predefined scoring system and allowing information to be processed in quantitative terms[44]. This method combines specific advantages of each approach while decreasing their disadvantages[44].
Establishing Consistent Criteria
Correct terminology prevents confusion in risk rating. Threat represents the potential for harm, while risk is the vulnerability to that threat[44]. Severity describes the forceful effect if the risk occurs, and consequence is the result of that effect[44]. To cite an instance, non-adherence to medical guidelines by staff (threat) could lead to physical harm to patients (risk), patient death (effect), and loss of hospital confidence (consequence)[44].
Weighted scoring models apply unique weights to predetermined criteria based on what the score communicates[12]. Each criterion's weight determines its influence on the overall score[12]. These models establish a consistent, calculated way to assess risk and make it possible for organizations to build portfolios to tolerable risk levels with confidence[12].
Step 3: Calculate Individual Risk Scores
Calculation transforms your assigned likelihood and impact values into applicable risk ratings. You apply formulas, adjust weighted factors and maintain full documentation of your methodology.
Simple Risk Score Formula
The foundational calculation follows a straightforward equation: Risk Score = Likelihood × Impact[10]. Organizations using a 1-5 scale for both variables produce scores ranging from 1 to 25. You might assign a likelihood of 0.8 (high probability based on historical data) and an impact of $1,530,000 (estimated financial loss) when assessing a potential data breach at a financial institution. The calculation yields: 0.8 × $1,530,000 = $1,224,000[7].
Risk matrices offer an alternative approach through intersection methodology. Consider the likelihood of exposure to a hazard occurring, then determine the consequence that results from that exposure[5]. Locate your likelihood descriptor in the matrix column and your consequence descriptor in the matrix row while analyzing. The risk rating appears in the box where these two intersect[5]. To cite an instance, an activity determined as 'unlikely' and 'moderate' for consequence intersects at 'medium', establishing the associated risk level[5].
A single event may produce varying severities depending on circumstances. A major mining hazard event could result in multiple fatalities in a worst case scenario, while that same event might also produce less severe outcomes such as lost time injuries or medical treatment injuries[11]. Assessments must account for this range, so evaluations should get into any harm to any person rather than focusing on catastrophic scenarios alone[11].
Applying Weighted Factors
Weighted scoring models assign unique importance levels to different risk components. Each criterion receives a weight that determines its influence on the overall score[12]. Multiply the raw score of each criterion by its assigned weight, then sum the results to calculate a weighted risk score.
Organizations handling multiple impact categories face a choice between two common calculation methods[6]. The first multiplies probability by the highest impact score across all categories. The calculation becomes: 5 × 4 = 20 if a risk shows Very High probability (5), High schedule impact (4), Medium cost impact (3), and Low safety impact (2)[6]. The second method multiplies probability by the average of all impact scores: 5 × (4+3+2)/3 = 15[6]. This is a big deal as it means that the chosen method affects how risks are assessed[6].
Attribute-based calculations follow a different formula. IBM's methodology calculates: (total weight of mismatched attributes / total weight of all attributes) × 100[13]. Attributes are matched when device fingerprint values match between incoming and registered devices; they're mismatched when values differ[13].
Documenting Your Calculations
Complete documentation requires recording both your methodology and stakeholder input. Risk matrix exercises must involve the right stakeholders, including health and safety representatives, relevant experts and affected employees[11]. This collaborative approach will give all perspectives that inform the assessment and builds consensus around results.
Organizations distinguish between two risk measurements while documenting. Inherent risk reflects the exposure level an activity would pose without any controls in place, while residual risk measures exposure after implementing controls[5]. Recording both values demonstrates how well your mitigation efforts work and justifies resource allocation decisions.
Step 4: Aggregate and Prioritize Risks
Aggregate individual scores into a unified view. You can then compare risks throughout your organization and direct resources where they matter most. This consolidation process needs structured documentation and clear prioritization criteria.
Creating a Risk Register
A risk register serves as the central repository for all risk-related information. It changes scattered assessments into practical insights[14]. Each entry should contain a broad description of the risk, the likelihood of its occurrence, its financial impact, how it ranks in priority, the remediation response, and who owns the risk[15].
Create your register when the project starts. You can identify risks sooner and prepare before problems arise[16]. Assign someone to each risk. This ensures follow-up and keeps responsibilities clear[16]. Categorize risks by type, such as strategic, financial, or operational. They become easier to review and manage[16].
Ranking Risks by Score
Prioritization follows from your calculated scores. Organizations assign numeric values to likelihood and impact and multiply them to generate a risk score[17]. Scores range from 1 to 25 on a 5×5 matrix. Cutoffs are set at 1-6 for low risks, 7-14 for moderate risks, and 15-25 for high risks[18].
Color coding boosts visual clarity. Red indicates high-priority risks, yellow represents medium risks, and green shows low risks[19]. This visual representation allows teams to recognize which risks are vital to operations and which can fall by the wayside[15].
Setting Action Thresholds
Action thresholds establish the point at which pest populations or environmental conditions indicate that control action must be taken[20]. Organizations often set thresholds for mandatory escalation. Any risk scoring above 16 must be reviewed by the risk committee or executive[17].
Thresholds differ from limits in their urgency. Thresholds are values that require some action if crossed, such as management escalation or resource diversion[21]. Limits demand more stringent immediate action to bring values below the threshold. They may cease business activities or trigger extensive event response[21].
Review your risk register at minimum once a year or when risk appetite changes, new business activities launch, major incidents occur, or regulatory requirements shift[17].
Choosing the Right Method for Risk Assessment
Selecting between assessment methodologies depends on your data availability, time constraints, and organizational maturity. Qualitative and quantitative approaches serve distinct purposes, while specialized frameworks address specific health and genetic risk domains.
At the Time to Use Qualitative Methods
Qualitative assessments excel at the time numerical data proves inadequate or unavailable, resources are limited, or time is scarce[22]. Organizations can collect information using structured interviews, expert judgments, or standard methods under these conditions[22]. This approach works well if you have less-mature businesses seeking quick risk identification through numerical ratings (1-5) or color coding (green, yellow, red) based on likelihood and effect[23].
Specific scenarios favor qualitative methods. At the time risks are difficult to calculate, such as reputational and legal threats that can't be expressed statistically, qualitative analysis helps experts understand these intangible factors[24]. Organizations lacking historical data can use this framework to create assessment structures[24]. New risks without context also benefit from qualitative judgment based on available information[24].
At the Time to Use Quantitative Methods
Quantitative assessments provide objective and repeatable evaluations using factual data expressed in monetary terms[23]. Organizations should think about quantitative methods at the time they possess historical data or empirical evidence, at the time assessed systems have well-defined metrics and processes, or at the time objective measurements drive decision-making[1].
Business situations requiring schedule and budget control planning warrant quantitative analysis[22]. Large and complex issues demanding go/no-go decisions benefit from numerical precision[22]. Organizations needing to estimate potential losses and security control effectiveness in monetary terms find quantitative approaches valuable[1]. These assessments deliver practical results through cost-benefit analysis. They demand more time and resources, with utility potentially limited by poor or insufficient data[23].
Cardiovascular Risk Score and Other Specialized Frameworks
SCORE2 and SCORE2-OP interactive tools use specific risk prediction algorithms to provide recommendations for physicians and patients based on cardiovascular disease prevention guidelines[8]. AusCVDRisk serves as a risk assessment, communication, and management tool for health professionals in Australia[9]. These cardiovascular risk assessment frameworks are recommended if you have aged 45-79 years, people with diabetes aged 35-79 years, and specific populations based on clinical conditions[9].
Polygenic Risk Score Applications
Polygenic risk scores combine small effects of many genes across the human genome to estimate disease risk for each person[25]. A PRS is calculated as the weighted sum of estimated per-allele effect sizes of single-nucleotide variants[26]. These scores provide relative risk predictions rather than absolute risk and serve as adjunct tools to determine likelihood of developing specific disorders[26]. Applications have accelerated due to genome-wide association studies availability, with potential to boost disease prevention, more accurate diagnoses, and improved medication precision[25].
Best Practices for Accurate Risk Scoring
Accuracy requires ongoing alertness and systematic processes that go beyond original calculations. Organizations that treat risk scoring as a one-time exercise create dangerous blind spots.
Regular Review and Updates
Organizations must update methodologies regularly to reflect evolving regulatory requirements, emerging fraud typologies, lessons learned from investigations, and new data sources[27]. Financial institutions that fail to update risk thresholds set themselves up for compliance failures[27]. Implement three mechanisms: up-to-the-minute monitoring for immediate threats, event-triggered updates for most important changes like major deposits or sanctions list additions, and scheduled complete reviews[27]. High-risk customers require monthly or quarterly reviews. Medium-risk warrant quarterly or semi-annual assessments, while low-risk merit annual evaluations[27].
Stakeholder Participation
Stakeholder participation improves decision-making by providing better understanding of the rationale behind interests, expectations, and motivations[28]. Effective participation makes strong contributions to responsible risk governance programs[28]. Include multiple team members in assessments to provide better insight, accountability, and decision-making[29]. Those performing tasks often have the most practical knowledge[29].
Avoiding Common Calculation Errors
Common mistakes include failing to update risk models, setting unrealistic thresholds, ignoring false positive rates, treating risk scores as static, over-relying on automation, and inadequate documentation[27]. Outdated risk factors create blind spots[27].
Integrating with Decision-Making Processes
Risk management sits at the heart of what finance professionals do, tied to setting and achieving organizational objectives[30]. Integrate risk scoring with transaction monitoring to unify financial crime prevention[27].
Conclusion
You now have everything you need to calculate risk scores that help make smarter decisions in your organization. The framework we've covered changes abstract threats into concrete numbers you can act on.
Identify your risk factors first. Assign consistent values to likelihood and effect, then calculate and prioritize them systematically. Risk scoring that works requires regular updates and stakeholder involvement. This is an ongoing process rather than a one-time exercise.
Refine your methodology and stay consistent with your calculations. Your risk management capabilities will strengthen over time, and your organization's resilience depends on it.
References
[2] - https://en.wikipedia.org/wiki/Risk_score
[3] - https://www.splunk.com/en_us/blog/learn/risk-scoring.html
[4] - https://www.riskinmind.ai/blogs/what-is-risk-scoring-a-guide-for-financial-institutions
[6] - https://intaver.com/blog-project-management-project-risk-analysis/risk-scores-2/
[7] - https://www.metricstream.com/learn/risk-scores-for-better-risk-mgmt.html
[8] - https://www.escardio.org/guidelines/practice-tools/cvd-prevention-toolbox/score-risk-charts/
[9] - https://www.cvdcheck.org.au/calculator
[10] - https://www.scrut.io/post/best-risk-calculation-method
[11] - https://www.worksafe.vic.gov.au/how-conduct-risk-assessment
[12] - https://www.lightboxre.com/insight/weighted-risk-scoring-models/
[13] - https://www.ibm.com/docs/en/sva/11.0.0?topic=overview-risk-score-calculation
[14] - https://www.atlassian.com/software/confluence/templates/risk-register
[15] - https://hyperproof.io/resource/the-ultimate-guide-to-risk-prioritization/
[17] - https://www.protechtgroup.com/en-au/blog/comprehensive-guide-risk-priorities-matrix
[18] - https://optro.ai/blog/what-is-a-risk-assessment-matrix
[19] - https://www.metricstream.com/learn/risk-prioritization.html
[20] - https://www.epa.gov/safepestcontrol/integrated-pest-management-ipm-principles
[21] - https://www.philvenables.com/post/risk-appetite-and-risk-tolerance-a-practical-approach
[23] - https://securityscorecard.com/blog/qualitative-vs-quantitative-risk-assessment/
[25] - https://blogs.cdc.gov/genomics/2021/11/29/applications-of-polygenic/
[26] - https://www.sciencedirect.com/science/article/pii/S109836002300816X
[27] - https://www.flagright.com/post/how-to-do-risk-scoring
[29] - https://www.work-wallet.com/blog/12-common-risk-assessment-mistakes-and-how-to-avoid-them/
[31] - https://legal.thomsonreuters.com/blog/risk-scores-overview/
[32] - https://www.rivialsecurity.com/blog/risk-analysis-vs-risk-assesment
[33] - https://www.staffnet.manchester.ac.uk/compliance-and-risk/risk-registers/recording-and-scoring/
[35] - https://legal.thomsonreuters.com/blog/what-is-a-risk-assessment-matrix/
[36] - https://fractory.com/risk-assessment-matrix/
[40] - https://informationsecurity.wustl.edu/vulnerabilities-threats-and-risks-explained/
[41] - https://www.ncsc.gov.uk/collection/risk-management/the-fundamentals-and-basics-of-cyber-risk
[42] - https://www.theirm.org/what-we-say/thought-leadership/risk-appetite-and-tolerance/
[44] -https://pmc.ncbi.nlm.nih.gov/articles/PMC8275831/
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