I like this quote as I think it actually can draw comparisons to talented risk analysts.Every risk analysis begins with scoping, a single critical step that many incorrectly perceive as straightforward. In truth, we are not presented with perfect recipes from the business from which to do our work. We are often presented with nothing more than one or two ingredients.
Examples may include:
Each of these on their own are nothing more than a concern or issue or control failure. We can’t measure risk yet because a clear scenario from which to derive a frequency and magnitude hasn’t even been defined.
Talented risk analysts have the skills needed to take these ingredients and combine them with other parts to make well-structured scenarios or “complete recipes”.
I prefer doing this via a conversation when I can ask additional questions with the primary stakeholder. These discussions help me identify the other ingredients needed for the recipe.
Example for #1 “The Cloud”
Bon appetit!