| Summary: | Power systems can be affected by unpredicted and unavoidable faults and failures, making security assessment an important challenge, which requires significant research works. An overview of this critical area, as presented here, shows that the security assessment has transformed from a deterministic to risk-based methods, with two broad categories, risk assessment and risk identification. First, a detailed discussion of risk assessment is given to summarise different methods to solve the problems of equipment failure probability model, scenarios formation, and severity assessment. Further, comprehensive survey and prospect for risk identification are provided as a roadmap to determine the risk source directly. Risk identification techniques such as tracking method, sensitivity analysis, and risk source identification help operators to take effectively preventive action and restore system security.
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