Organisational Risk Mgmt

Question 1

What is Risk

Answer 1

Defined as the ‘effect of uncertainty on objectives’.

Objectives are what we want eg be safe and feel safe.

There is always uncertainty about whether we will achieve our objectives. Look at what could prevent or delay achieving objective.

Uncertainty creates opportunity- should always consider risk alongside opportunity.

Question 2

Categories of Risk

Answer 2

1.Operational
2.Corporate
3.Portfolio
4.Strategic
All are inter-related.

Question 3

Risk Mgmt Process

Answer 3

1.Establish context- see wider picture of risk.
•Internal context eg police objectives, policies, skill
•External context eg social, cultural, legal environment

2. Identify risk - so can manage risk manage to prevent harm to us, mates, communities, the company.

3.Analyse Risk - understanding two key things;
• The level of risk, use Police risk matrix likelihood × consequence = risk
• controls in place these include policies,SOP, training etc

4. Evaluate - decide whether to Act, Monitor, Accept, or acknowledge effective mgmt achieved on known risk
5. Take action - based on the above four evaluation results

Monitor and review throughout
Communicate and consult throughout