Risk based testing..what is it?

As testers we use risk-based testing every day to ensure that project and product risks are are being identified and addressed. This is accomplished by drawing on the knowledge of business representatives, designers and testers to identify early any risks, establish focus areas to be tested and agree mitigating actions that can be taken to deal them.

These risks are then added into the Test Plan with the established level of risk. The risk level can be calculated by multiplying an estimated probability and impact, the estimated values should be approved by the stakeholders. These risks and their importance are regularly reviewed with stakeholders and mitigating actions to deal with those risks are identified. Testing activities are then targeted at the high risk areas first to prevent these risks being realized and minimize potential cost, quality and time implications.