Organisational Risk Management Flashcards
Define “Risk”
The effect of UNCERTAINTY on objectives
What is the difference between a Threat or hazard and a Risk?
A threat or hazard is known.
List the four risk types in our organisation and what do they each relate to?(4)
Strategic - Executive Team, affect strategic objectives in Our Business
Portfolio - Delivery of investment portfolios, programmes and projects
Corporate - Governance groups, Cross organisational objectives (legislation & regulatory compliance, information management, asset management, People and capability)
Operational - National Operations Steering group & TENR, every day operations
How might a Strategic risk impact?
Impacts our ability to achieve “Our Business”
Who oversees Corporate Risks?
Governance Groups
What level of organisational risk affects day to day objectives?
Operational Risk.
What are the five steps in the process of managing risk?
1: Establish Context (Internal or External?)
2: Identify the risk: (ad hoc; risk workshop etc)
3: Analyse risk impact: Use risk matrix (likelyhood v Consequence). Then analyse likelihood/consequences once controls put in place (ie policies, SOP’s Training, Supervision, IT systsems etc) to see how effective they are
4: Evaluate: Act, Monitor or Accept then acknowledge.
5: Take action: If risk not managed, then you must take action (escalate).
What are the four possible outcomes when dealing with risk evaluation (step 4 Evaluation)?
Act
Monitor
Accept
Achieved - Acknowledge effective management is achieved
Once a risk evaluation is completed, what two options do you have?
Acknowledge the risk or Escalate.
What is the “first line of defence” in risk management?
All police personel
Who is the second line of risk management defence?
Management processes (Service centres; PNHQ)
Internal audit and assurance sit where in the “lines of defence”?
Third line of defence. They verify or certify that controls are operating.
What are common risk management activities that support Our Business (5)
- Planning SPT’s - ensure workgroup have strong understanding of risks in your area
- New Initiatives - easier to run new intitiatives when there is a strong understanding of risks
- Changing how we do things - considering risks should be part of process in changing how we work.
- Changes in our operational environment - good chance to ensure our risks are still relevant and nothing new has arisen.
- Near misses, leasons learnt and events - good chance to consider how to prevent similar happening again. How can we imporve
A. Why do we need to know about Health and safety? (3)
B. Who are Work Safe, what do they do?
C. What is Work Safe’s MOU regarding Commercial Vehcile Safety?
A
- Legal, It’s law
- Ethical. Looking after people is right thing to do
- Our Business - good health and safety is good business. Vision; Safest Country. Goal; Safe homes, streets and communities and safe workplace
B. NZ’s health and safety regulator. Worksafe bring charges under the Health and Safety in the Workplace Act (HSWA)
C. NZ Police operate on behalf or Work Safe in Commercial Vehicle safety enforcement. (CVST)
What does Health and Safety at Work Act (HSWA) define health as?
both physical and mental. Not just physical injury or illness