Apply a Risk Rating using Table 3: Risk Rating Matrix Evaluate Risks Identify what Action needs to be taken to eliminate or reduce the risk Allocate the Action to an individual who will be responsible for enforcing the control measures Allocate a timeframe for completion of the Action Record the Status of the Action up to its completion Treating Risks Consider what steps you can take to avoid or reduce the risk and the Actions/Controls you will put in place to achieve that Consider whether you can transfer the risk. This could be achieved through: - Purchasing insurance to cover a particular risk so that the liability passes to the insurer; - Putting specific clauses in hire contracts mitigating, or reducing your liability; - Getting suppliers or individuals to sign Disclaimers; - Installing Warning Signs to alert people to risks in the immediate surrounds Risk Consequence, Likelihood & Matrix Tables (AS/NZS ISO 31000:2009) The Standard provides guidance on the implementation of AS/NZS ISO and defines the concept of risk, explains how it comes about and describes the principles, framework and process that allow risk to be managed effectively. Using Tables 1 & 2, consider each of the risks you have identified and assess them against their Consequence and Likelihood. From there, see where that risk corresponds within the Risk Matrix in Table 3. This will result in your Risk Rating, which identifies whether your risk is Extreme, High, Medium or Low. Risks should be prioritised according to their level of risk. The higher the risk, the more diligent you will need to be in managing that risk, and in applying controls to minimise, or eliminate the risk altogether. 1: Risk Consequence CONSEQUENCE Level Descriptor Detail description 1 Insignificant No injuries, low loss.
Apply a Risk Rating using Table 3: Risk Rating Matrix Evaluate Risks Identify what Action needs to be taken to eliminate or reduce the risk Allocate the Action to an individual who will be responsible for enforcing the control measures Allocate a timeframe for completion of the Action Record the Status of the Action up to its completion Treating Risks Consider what steps you can take to avoid or reduce the risk and the Actions/Controls you will put in place to achieve that Consider whether you can transfer the risk. This could be achieved through: - Purchasing insurance to cover a particular risk so that the liability passes to the insurer; - Putting specific clauses in hire contracts mitigating, or reducing your liability; - Getting suppliers or individuals to sign Disclaimers; - Installing Warning Signs to alert people to risks in the immediate surrounds Risk Consequence, Likelihood & Matrix Tables (AS/NZS ISO 31000:2009) The Standard provides guidance on the implementation of AS/NZS ISO and defines the concept of risk, explains how it comes about and describes the principles, framework and process that allow risk to be managed effectively. Using Tables 1 & 2, consider each of the risks you have identified and assess them against their Consequence and Likelihood. From there, see where that risk corresponds within the Risk Matrix in Table 3. This will result in your Risk Rating, which identifies whether your risk is Extreme, High, Medium or Low. Risks should be prioritised according to their level of risk. The higher the risk, the more diligent you will need to be in managing that risk, and in applying controls to minimise, or eliminate the risk altogether. 1: Risk Consequence CONSEQUENCE Level Descriptor Detail description 1 Insignificant No injuries, low loss.
developing-a-risk-management-plan-word.docx