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Quantifying risks is part of a risk management process. the risk management process is to understand what risks exist along with the ability to quantify those risks and what will trigger the risk occurrence.

In our organization, we quantify risks through a risk log. The project team identifies the severity level of risk through Impact and Probability. For example, the Probability of risks involves high, medium, and low ranges. The Impact also is measured based on high, medium, and low ranges. The severity level is also considered high if the Impact and Probability are high. If the Probability of a risk occurring is high, but the Impact is low, then a risk is considered medium. The risk severity is still regarded as medium if the Probability is high, but the Impact is low. The project team performs a mitigation action for any risks identified in the log. The project team must also have a contingent action if a risk becomes an issue.

The risk tolerance in our organization is very low to a minimum for any of the software products which have gone live. Per risk tolerance is the willingness of the organization to accept risk within their operations. The product teams in our organization are required to do thorough testing of the product before any launch. The project tester must make a defect item and rate its severity level for any identified errors. The defects are fixed based on the severity level before going live. This process minimizes the chances of risks occurring after launching the product.

Organizations need to have a risk management process in place. Having effective risk management will reduce the chances of any upcoming issues.