Quantifying risk through the use of the consolidated risk assessment process

Abstract

The consolidated risk assessment (CRA) allows for risk to be quantified and thereby can be used as a measuring tool to determine process investment priorities in the capability-based planning (CBP) process. The CRA has potential application across Canada working with government and regional sectors. Through risk modeling, the potential of risk and its inherent consequence can be used to determine the success of investment in mitigating the identified threat. The CRA presents a new opportunity to improve how risk is measured, monitored, managed, and minimized through the four phases of emergency management, namely prevention, preparation, response, and recovery. Defence Research and Development Canada is interested in researching and developing the possible benefits of a comprehensive approach to risk assessment and management to reduce risk throughout Canada. The CRA model provides a framework against which potential risk can be measured and quantified, thereby improving safety for all Canadians.