Organisational Risk Management Flashcards

1
Q

Who does the risk management policy apply to

A

All employees and contractors

Any entity or person who acts for or represents Police, Also includes all Police workplace locations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the first line of defence in risk management

A

All Police personnel - identifying and discussing any potential risks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the second line of defence in risk management

A

Management processes and controls - provide a robust management environment for discussing, acting upon and escalating risks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the third line of defence in risk management

A

Internal audit and assurance - Internal audit provides assurance on the effectiveness of governance, risk management, and internal controls to ELB and ARC1, who are the primary stakeholders served by the three lines of defence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What tool can also be used in risk management

A

TENR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is risk

A

‘the effect of uncertainty in achieving objectives’

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The risk management process involves five steps these are

A
Establish context
Identify risk
Analyse risk and impact
Evaluate risk
Take action
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Risk Management roles and responsibilities are

A

Risk Coordinator role - Risk Coordinator acts as the first point of contact for all risk related matters in their work group
Risk Lead role - responsible for monitoring the risk on behalf of the District etc
Treatment Lead role - responsible for ensuring the treatment for a certain risk is developed and applied on behalf of their District etc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Step 1 of risk management process establishes the context in which you are operating in. What external environmental factors need to be considered. PESTLE

A
  • Political: areas in society and the economy where government is involved
  • Economic: factors include growth, interest and exchange rates, inflation
  • Social: cultural aspects including attitudes, prevailing norms, age distribution
  • Technological: innovations and trends
  • Legal: applicable laws and regulatory standards
  • Environmental: ecological factors such as weather and climate.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Step 1 of risk management process establishes the context in which you are operating in. What internal environmental factors need to be considered

A
  • Objectives and strategies
  • Risk assessment criteria
  • Resources and knowledge (e.g. people, processes and systems)
  • Culture and behaviours
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is a good framework for risk identification

A

S trengths
W eaknesses
O pportunities
T hreats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A risk is a;

A

‘future event’ that may or may not happen

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

An issue is a;

A

problem or concern that is occurring or has occurred

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the three elements of a risk in the context of writing a risk statement

A

Uncertain event
Cause
Consequence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The severity of the consequences of an unexpected event are #5

A
Negligible
Minor
Moderate
Major
Severe
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How can risks be assessed and reported on a consistent basis

A

Using a the risk matrix

17
Q

When evaluating risk how do you determine if the risk requires a treatment plan and escalation

A

Using the risk response table

18
Q

What is the requirement for all risks ‘needing active management’ (NAM) and ‘under management’ (UM)

A

They are re escalated for awareness to the next level of management.

19
Q

When evaluating the risk, and your response(s), it is useful to think about the actions (interventions) to be undertaken and what they are targeted towards #4

A

Preventative
Detective
Corrective
Directive

20
Q

When developing a risk response ensure that it captures #4

A
  • Person(s) responsible for actions to be undertaken.
  • Action(s) / task(s) involved that clearly indicate what is being modified (i.e. likelihood or consequence).
  • Target date for completion.
  • Any likely resources involved.