I was rolling the idea around in my head as a compliment to cost of poor quality. Our company is going through cost reductions as a result of the poor U.S. economy, being able to put a cost to risks would help in reviewing which risks would have the most monetary value, correlating it to RPN would be interesting.
As far as regulatory and safety risks, not too concerned in our company as our occurences are at zero or 1 because of the process infrastructure already put in place to mitigate has really reduced occurrence and increased detection.