I covered a few risk assessment criteria in my previous essay on Risk Management Fundamentals, which went beyond the typical impact and probability. I'll go into more detail about detectability, one of those factors, in this piece.
The simplicity with which the consequences of a risk occurring or about to occur can be identified and discovered is known as detectability, as you may remember. Detectability is high in situations where the risk event is immediately identifiable.
Let's examine a "real world" scenario where we employed detectability to reduce risk in order to further demonstrate this idea.
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Using gas (or a gaseous mixture) for cooking is common in many nations. Although the precise mix composition varies from nation to nation, one factor remains consistent: the possibility of gas leak-related mishaps.
When individuals smell gas, they instantly go into alert mode since gas leaks are quite dangerous and can easily result in explosions or asphyxiation.I always use this example when I conduct brief seminars and lectures on risk management. It's simply a fantastic method to demonstrate the idea of detectability and the necessity of occasionally thinking creatively about risk management.
Additionally, I am not an expert on risk management, even if I believe I know more about it than the typical person. As previously stated, risk management is a tremendously vast topic that requires years of study and practice to fully grasp, but even a rudimentary understanding is beneficial.
Please let me know if you would like to learn more about any specific component of risk management; I'm not sure if I will go into further detail on this subject.