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jtl27 replied to the topic Risk Identification in the forum Risk Analysis for Medical Devices 8 years, 4 months ago
Yes I was going to mention the SWOT analysis. Preliminary risk assessments are hard to quantify sometimes, so there are many times when the best way to assess each risk is to go back and evaluate what the company has done previously and analyze the risks associated with that project. In a SWOT analysis, the company sits down and reviews something about the company from an overhead vantage. One of the categories is threats, a description of the possible reasons why a project is not or would not work to the best of its potential. This is similar but not identical to risk management. In fact, the risk falls under the category of threats and needs to be considered during the SWOT analysis. Obviously, what makes a risk a risk is that it threatens the company in a way. A lot of risk is negligible, but in certain circumstances the risk will have a severe impact on the company, prompting a thorough analysis of the threat.