Explain different methods of risk assessment.

Risk assessment is a critical process in understanding and managing risks within an organization or a system. It involves identifying potential risks, analyzing their likelihood and potential impact, and prioritizing them for appropriate mitigation actions. There are several methods of risk assessment, each with its own strengths and weaknesses. Here are some of the commonly used methods:

1. Qualitative Risk Assessment:
   - Risk Matrix: In this method, risks are plotted on a matrix based on their likelihood and impact. Likelihood and impact are typically assessed using subjective scales (e.g., low, medium, high). Risks falling in the high likelihood and high impact quadrant are considered the highest priority.
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