Introduction The rapid rise of technologies along with the introduction of new methods to perform diverse activities resulted in drastic alterations in the functioning of organizations and social institutions. These changes promoted the enhanced sophistication of the modern world and working environment. In its turn, it gave rise to multiple challenges and issues that might emerge during the functioning of companies. For this reason, practices that might help in determining, assessing, evaluating, and responding to unexpected critical situations acquire the top priority. Risk assessment encompasses all these activities with the primary aim to guarantee the stable functioning of numerous organizations and their further growth by determining and eliminating factors that might result in collapse or failure. Risk Assessment The need for the potent tool to ensure the stable functioning preconditioned a wide scope of risk assessment applications. At the moment, it is used in different spheres of human activity, starting from business and ending with healthcare. Thus. It can be defined as a set of practices utilized for the identification, evaluation, and estimation of existing levels of risk peculiar to different situations that emerge during the functioning of organizations, their investigation regarding the accepted standards, and determination of the appropriate level of risk (Ostrom and Wilhelmsen 23). Depending on settings peculiar to different organizations, specialists might apply diverse risk assessment models to ensure the most comprehensive analysis of the situation and selection of the most appropriate way to respond to it. Risk Assessment Models Quantitative risk assessment methods are one of the existing approaches. They are used to assess and justify the cost of implementing particular measures to a project and calculate outcomes that can be expected regarding the current state of an organization (Ostrom and Wilhelmsen 54). In general, the given method includes the in-depth investigation of the functioning to establish the rate of occurrence peculiar to different accidents (Ostrom and Wilhelmsen 54). It helps to avoid extra losses and spending by introducing measures that can be utilized to eliminate problematic concerns. The given method is used in multiple industries and fields to establish damage caused by unexpected events (Ostrom and Wilhelmsen 54). At the same time, it can be applied to formulate criteria needed for the implementation of a new solution or technology. Dynamic risk assessment is another practice that is used by organizations. It implies the idea that if certain situations and hazards that emerge during units functioning are predictable, there should be a specific set of practices needed to respond to these accidents and minimize their negative impact on outcomes (Ostrom and Wilhelmsen 34). Under these conditions, the central aim of the dynamic risk assessment is the evaluation of different organizations development with the central aim to reveal all threats that might emerge in dynamics. Additionally, it recommends trained employees responses to increase the level of preparedness and ensure the use of the most efficie