Qualitative Risk Assessment
Overview
A qualitative risk assessment is a method of evaluating risks based on descriptive factors rather than numerical data. Instead of assigning precise probabilities or financial values, it uses categories such as 'low,' 'medium,' or 'high' to assess the likelihood and impact of risks.This approach relies on expert judgment, interviews, and scenario analysis to identify potential threats and vulnerabilities. In compliance and financial services, qualitative assessments are often applied during the early stages of AML, fraud prevention,and cybersecurity risk management, where exact data may be unavailable. They help banks, fintechs, and payment providers prioritize risks, design mitigation strategies, and allocate resources effectively.
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