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All risk assessments involve uncertainty, but their conclusions must be defensible. In a situation in which a risk assessment is legally mandated and likely to be challenged in court, defensibility is obviously particularly important. Therefore, the risk manager and the risk assessor should have a frank and extensive discussion, and be very clear about the sources of uncertainty and the ways in which it can be reduced (if necessary or possible) through selective investment of resources. This is another way in which a tiered assessment can be useful.
Relevant guidelines section(s): 2.2.3 |
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