What best describes qualitative risk assessment?

Qualitative risk assessment is best described as a method that uses non-numeric assessment techniques to evaluate risk. This approach focuses on understanding the nature, likelihood, and impact of potential risks based on the subjective perspectives of stakeholders. It commonly involves discussions, interviews, and expert opinions to gather insights and identify risks without relying on quantitative data or numerical values.

In qualitative risk assessment, the emphasis is placed on the context and characteristics of risks rather than on measuring them with precise figures. This method is beneficial for situations where quantitative data may not be readily available or where risks are difficult to quantify, allowing for a more holistic view of potential impacts on an organization. By incorporating expert judgment and stakeholder input, qualitative assessments can provide a nuanced understanding of risks that is essential for effective risk management.