Written By Yaw Sompa - Risk Assessment is an interesting part of risk management, a field of practice that is exciting and challenging for the mere reason that, it is a determination in probabilities. Like the proverbial needle in the haystack, it is analyzing likelihoods of events and costs or impacts of those events, when the events do occur. If one is fortunate to be a quant, models come in handy, ‘opinions’ as they may be, become only subject to the rigour of the method. If the risk assessment is however qualitative, then bless your soul, because you are challenged from the beginning with all the difficulties of personal bias and heuristics.