Risk Ratings Rating Required Action Acceptable: Unlikely to require specific application of resources; Low manage by routine procedures. Monitor and review. Acceptable: Unlikely to cause much damage and/or threaten the efficiency and effectiveness of the program/activity; treatment plans to Medium be developed and implemented by operational managers. Manage by specific monitoring or response procedures. Generally not acceptable: Likely to cause some damage, disruption or breach of controls. Senior management attention needed and High management responsibility specified; treatment plans to be developed and reported to PVC/Executive Director or Vice-Chancellor. Not acceptable: Likely to threaten the survival or continued effective function of the program or the organisation, either financially or Extreme politically. Immediate action required; must be managed by senior management with a detailed treatment plan reported to PVC/Executive Director, Vice-Chancellor and Council. Risk Assessment Matrix Consequence Minor Moderate Major Catastrophic (1) (2) (3) (4) Almost M-4 H-8 E-12 E-16 Certain (4) Likely M-3 M-6 H-9 E-12 (3) Possible L-2 M-4 M-6 H-8 Likelihood (2) Unlikely L-1 L-2 M-3 M-4 (1)
Risk Ratings Rating Required Action Low Acceptable: Unlikely to require specific application of resources; manage by routine procedures. Monitor and review. Medium Acceptable: Unlikely to cause much damage and/or threaten the efficiency and effectiveness of the program/activity; treatment plans to be developed and implemented by operational managers. Manage by specific monitoring or response procedures. High Generally not acceptable: Likely to cause some damage, disruption or breach of controls. Senior management attention needed and management responsibility specified; treatment plans to be developed and reported to PVC/Executive Director or Vice-Chancellor. Extreme Not acceptable: Likely to threaten the survival or continued effective function of the program or the organisation, either financially or politically. Immediate action required; must be managed by senior management with a detailed treatment plan reported to PVC/Executive Director, Vice-Chancellor and Council. Risk Assessment Matrix Consequence Minor (1) Moderate (2) Major (3) Catastrophic (4) Likelihood Almost Certain (4) M-4 H-8 E-12 E-16 Likely (3) M-3 M-6 H-9 E-12 Possible (2) L-2 M-4 M-6 H-8 Unlikely (1) L-1 L-2 M-3 M-4
2013-04-18-risk-matrix.docx