Probability of Occurrence, Vulnerabilities, and Potential Liability in Risk Assessment

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Management 2
Probability of occurrence and its significance to risk assessment.
Probability of occurrence refers to the quantitative or numerical estimate on the
likelihood of a specific risk or hazard to occur either based on similar events or historical
occurrences (American Chemical Society, 2019). Probability of occurrence can either be
expressed in a rating or percentage format, and three specific methods are used to estimate the
probability or likelihood for risk assessments. They include; predictive techniques, expert
opinions, and historical data. Besides, risk assessment is dependent on the environment.
Therefore, in case there is a change in the environment, the probability of occurrence may also
change.
Probability of occurrence is a crucial tool in risk assessment since it provides a
comprehensive differentiation of risks (Kavlock et al., 2018). Probability of occurrence is
significant in risk assessment due to various reasons. One, it defines the probability of
occurrence. Therefore, better decisions can be made in regards to a risk/hazard. For example, it
helps in establishing a confidence level among members of a team specifically in the execution
of a project. Two, it helps define high-risk areas thereby being able to develop risk mitigation
strategies. Once the probability of the occurrence of a risk is identified, mitigation plans can be
developed and also analyzed for future changes of the risk. Lastly, the probability of occurrence
is crucial in identifying critical knowledge gaps, particularly in projects. Therefore, determining
the probability of success of a particular project is easier.
Vulnerabilities as it relates to a system.
Vulnerability refers to a weakness in a system that can be employed to negatively impact
the integrity, confidentially or availability of data in a system (LeMay, Scarfone, & Mell, 2012).
It can also be defined as a flaw in a system that exposes a system to attacks and threats.
Information security professionals are always on the lookout to reduce vulnerabilities in systems,
therefore, reducing the options for malicious users to gain access to confidential information.
Vulnerabilities may take different forms including; software flaws, software feature misuse, and
security configuration issues.
No system can be a hundred percent secure since every system may have a vulnerability
(LeMay, Scarfone, & Mell, 2012). For example, a system may not specifically have any known