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We promote Quantitave Risk Assessment at Orion Product Development Ltd.  This is the formal determination of the level of risk related to a given potential threat or hazard.  It is particularly required when potential threats to life, environment and / or product reliability are present.

This requires the calculation of two components for any given potential threat, namely:

  • The magnitude of the potential loss
  • The probability that it will occur

Risk assessments are often complex and should involve all key stakeholders in an organisation.  They are recorded on a work sheet for each system design, which can be tailored depending on the complexity of the product and the project requirements.