Art and heritage institutions need to be aware of the possible risks that could potentially threaten their collections. Therefore, it is necessary to carry out a risk analysis.
A risk analysis is a method in which specified risks are quantified by determining the probability that a threat will occur and its consequences: Risk = Chance x Consequence. The risk analysis is the first step in the collection's risk management process.
In a risk analysis, threats are identified and mapped. The probability of an occurrence is determined for each threat. We then calculate what damage could result if one or more of these threats does occur.
The following measures can be taken as a basis for risk analysis:
Prevention: preventing something from happening or reducing the chance of it happening
Repression: limiting the damage when a threat occurs
Correction: setting measures that are activated as soon as something has happened to (partially) reverse the effect the damage
Acceptance: no measures; people accept the possible consequence of a threat
Manipulation: changing parameters in the calculation to arrive at the desired result
The purpose of a risk analysis is to determine how the risks can be controlled or reduced to an acceptable level after the analysis takes place. Not every threat needs to be prevaricated in advance; if the measurement costs undertaken to limit the risk/s is higher than the total cost of possible damage, one can decide whether or not to accept the risk. In addition, it is possible to have a cost-benefit analysis carried out with a good risk analysis.
Feel free to contact us if you are interested in having a risk analysis performed.