Risk Management Flashcards
Three ways to define risk
Positive, negative or neutral
The fours areas of where risk typically is related to.
Strategy
Change management
Operations
Finance
Give some examples of risks
Business interruptions
Changes in business relationships
System issues
Security conditions
The two types of risk?
Quantitative risks= are those that can clearly be quantified.
Qualitative risks= Are those that cannot easily be clearly quantified.
What is PACED?
Proportionate
Aligned
Complete
Embedded
Dynamic
Mention some risk management activities.
Identyfy risk
rank and evaulate
repsonse(make a response)
resource control
reaction (plan your reaction)
report and monitor
review the risk management framewrok
What are the four T´s (Responding to Risk)
Tolerate
Treat
Transfer
Terminate
What is the strategies for negative risk or threat?
Avoid
Transfer
Mitigate
Acceptance
What is the strategies for positive risk/opportunity?
Exploit
Share
Enhance
Accept
Key consideration in responding to risk?
Ensure normal business practices are not interrupted.
Managing the media should be part of your plan.
Direct communication with stakeholders is critical.
If there is any chance that people may be injured or worse, you should include medical support in your planning.
You may be required by law to obtain insurance.
Resourcing control
Re-allocating existing people or equipment
Additional people
New equipment
Skills and training
New information
What is a Risk assessment
A Risk Assessment is simply a careful examination of what, in your work, could cause harm to people, so that you can weigh up whether you have taken enough precautions or should do more to prevent harm.
Why do Risk assessment?
Legal- required by law
Financial- less chance of claims and prosecutions
Moral – Duty of care owed to all Employees and others affected by our work
What information should Risk assessment have?
The five steps to risk assessment?
- Hazard (when can go wrong)
- People at risk (who can be harmed)
- Control measures at present (have enough precautions been taken)
- Further action required (should more be done)
- Record details and keep the assessment under review
