A risk score of: Below 30 will give a risk. ‘green’ Between 31 and 59 give an risk ‘amber’ Above 60 give a risk ‘red’ Risk Actions Frequency Risk Impact Score of Review No action necessary < 10 n/a Monitor as necessary - ensure being < 20 Quarterly properly managed Monitor as necessary - less important but < 30 Quarterly still could have a serious effect on the provision of key services or duties Monitor as necessary- less important but < 40 Monthly still could have a serious effect on the provision of key services or duties Monitor as necessary - less important but < 50 Monthly still could have a serious effect on the provision of key services or duties Important risks - may potentially affect < 60 Weekly provision of key services or duties Key risk- may potentially affect provision of > 60 Immediate key services or duties Immediate action needed - serious threat to > 80 Immediate Provision and/or achievement of key services or duties Plan Objective of Risk Planning The primary objective of this step is to prepare management responses using Risk Response Categories for each of the identified threats and opportunities in order to reduce or remove the threat or to maximize the opportunity. This should leave the project prepared with an action plan should any risk materialise. Concentration should be on as these have the greatest chance of arising and are ‘red’ likely to impact the project most severely. Consideration should be given to risks and ‘amber’ risks in order to: ‘green’ Keep the risk at as low a level as is practical Be prepared to respond to the risk should its severity increase during the project Ensure that or risks do not increase the chance of a risk being ‘green’ ‘amber’ ‘red’ encountered
A risk score of: Below 30 will give a ‘green’ risk. Between 31 and 59 give an ‘amber’ risk Above 60 give a ‘red’ risk Risk Actions Risk Impact Score Frequency of Review No action necessary < 10 n/a Monitor as necessary - ensure being properly managed < 20 Quarterly Monitor as necessary - less important but still could have a serious effect on the provision of key services or duties < 30 Quarterly Monitor as necessary- less important but still could have a serious effect on the provision of key services or duties < 40 Monthly Monitor as necessary - less important but still could have a serious effect on the provision of key services or duties < 50 Monthly Important risks - may potentially affect provision of key services or duties < 60 Weekly Key risk- may potentially affect provision of key services or duties > 60 Immediate Immediate action needed - serious threat to Provision and/or achievement of key services or duties > 80 Immediate Plan Objective of Risk Planning The primary objective of this step is to prepare management responses using Risk Response Categories for each of the identified threats and opportunities in order to reduce or remove the threat or to maximize the opportunity. This should leave the project prepared with an action plan should any risk materialise. Concentration should be on ‘red’ as these have the greatest chance of arising and are likely to impact the project most severely. Consideration should be given to ‘amber’ risks and ‘green’ risks in order to: Keep the risk at as low a level as is practical Be prepared to respond to the risk should its severity increase during the project Ensure that ‘green’ or ‘amber’ risks do not increase the chance of a ‘red’ risk being encountered
p2_risk_management_strategy_example_v01.docx