Risk Quantification 101: Communicate Risk in Dollars and Cents

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In the most recent LogicGate webinar, our very own Mark Tattersall discussed risk quantification with a special guest, Protiviti’s George Quinlan. This deep dive ran through key topics and points necessary for all GRC professionals who want to take the red pill and enter the risk quantification matrix. Here are some highlights!

The Words You Use When Describing Risk Matter

Back in the 70s, the CIA looked at how analysts wrote risk reports that had life or death consequences tied to them. One of the things they looked at was how people evaluated words like maybe, possibly, a chance that, etc. If the term maybe was used in a report how likely or unlikely did they think it would happen as a percentage? It turned out that people rated it anywhere between zero and 100%—that’s a big range! Just as one person may label something as a low risk, it may be a medium risk to another person. Who is right? These examples point clearly

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