The concept of a “Dominant Risk” is fundamental in the realm of risk assessment and management. It refers to the pivotal risk factor within a specific context, scenario, or system that holds the greatest weight in shaping the overall risk profile. This recognition is vital because it helps decision-makers and stakeholders prioritize their efforts and resources in addressing the most substantial risk, which has the potential to exert the most significant influence on the desired outcome.
Identifying the dominant risk is not solely based on the likelihood of its occurrence but also takes into account the potential consequences and impact. It is often characterized by its capacity to cause severe harm, disruption, or financial loss if not adequately managed.
In various fields, from healthcare and finance to engineering and environmental management, understanding the dominant risk is central to the development of effective risk mitigation strategies. Once the dominant risk is pinpointed, risk management efforts can be concentrated on strategies and measures that directly address this primary concern, thereby enhancing the overall safety, reliability, and success of the subject of analysis. This focused approach to risk management ensures that the most critical risk is appropriately addressed, reducing the potential for adverse outcomes and allowing for a more efficient allocation of resources.
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