In the stakeholder development processes, there is a need to understand the complexity of interests and motivations, evaluate and predict impacts, and assess human capacity. The exercise in stakeholder identification and analysis should be conducted early on to provide information regarding:
Individuals, groups and institutions that will be affected by and should benefit from health risk assessment/management; andIndividuals, groups and institutions who can influence, and contribute to, the health risk assessment and management processes.
Peter John Baskerville's insight:
Being able to engage risk stakeholders and interested parties to a risk is critical to risk management. See www.skillmaker.edu.au for free online training courses about Risk Management.
Treating risks involves making a decision about what will be done about the risks faced by your organisation. By following the first five steps, you should now know what risks you face and how they could impact on your organisation, as well as having a list of priorities - you need to treat the highest risks first.
Treatment should be appropriate to the level of identified risk and generally any cost of treatment should be commensurate with the potential benefits.
If you have decided a risk is unacceptable, there are several options for treating it. Deciding which is most appropriate could be the job of your risk management sub-committee or a designated risk manager, or of your board/committee as a whole. These are important decisions and weighing them all up may take a while. It shouldn't rushed (but it shouldn't be put off, either).
According to its definition, Risk Treatment is the process of selecting and implementing of measures to modify risk. Risk treatment measures can include avoiding, optimizing, transferring or retaining risk. The measures (i.e. security measurements) can be selected out of sets of security measurements that are used within the Information Security Management System (ISMS) of the organization. At this level, security measurements are verbal descriptions of various security functions that are implemented technically (e.g. Software or Hardware components) or organizationally (e.g. established procedures).
When establishing a risk management process or initiative, auditors should recommend that organizations examine best management practices in the area. Typically, risk management plans have the following objectives:
To eliminate negative risks.To reduce risks to an "acceptable" level if risks cannot be eliminated. This means a risk level the organization can live with, making sure that proper controls are in place to keep risks within an acceptable range.To transfer risks by means of insurance (i.e., insuring company assets for theft or destruction, such as hurricane or fire damage) or to transfer the risk to another organization (i.e., using a third-party vendor to install network equipment so that the vendor is made responsible for the installation's success or failure).
Project Risk Management is the process or activities associated with identifying risks, analyzing risks, developing appropriate responses to risks, and monitoring risk triggers. Risk management is a primary role of the project manager. While other project team members will be involved in all of the Project Risk Management processes. It is the responsibility of the project manager to ensure that risk management is done and that risk triggers are being monitored.
After any risk reassessment, new risks should be added along with their analysis and response strategies. Existing risks may need to be updated, as well as closing down any risks that did not and will not occur.
In the risk analysis stage, each risk has been assigned a level based on likelihood and consequences. The purpose of evaluation is to compare the levels of risk and decide whether the level of each risk is acceptable or not. There may also be a number of risks that fall into the same level where each of them would not be treated equally.
This government resource sets out what should be included in a risk management plan. A risk management plan is a key component of an organisation's risk management. See www.skillmaker.edu.au for free online training courses about Risk Management.
Risk treatment involves working through options to treat unacceptable risks to your business. Unacceptable risks range in severity; some require immediate treatment, others can be monitored and treated later.
Risk Management is defined in the standard (AS/NZS 4360:2004) as "the systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analysing, assessing, treating, monitoring and communicating".
Setting the context involves taking into account your business goals and capabilities as well as external factors, such as the changing legal environment and shifting social standards. In other words, you need to set the context to identify where your risks come from.
This is important because:
risk management occurs within the context of endeavouring to achieve goals and objectives,failure to achieve the objectives is one set of risks that need to be managed, andthe goals and strategies assist to define whether a risk is acceptable or unacceptable.
This context sets the scope for your businesses’ risk management process.
Risk management is the process of recognising risk and developing methods to both minimise and manage the risk. This requires the development of a method to identify, prioritise, treat (deal with), control and monitor risk exposures. In risk management, a process is followed where the risks are assessed against the likelihood (chance) of them occurring and the severity or amount of loss or damage (impact) which may result if they do happen.
It is highly recommended that your organisation establish a process to monitor (continual assessment of what has been implemented) and review (a periodic assessment of the effectiveness of your actions and the environment you operate in) your risk management strategy.
This is vital because risk is not static. New risks will emerge and existing risks will disappear. Risks that you have already acknowledged may become more or less frequent, severe or relevant to your organisation. Your risk management strategy should be a fluid document that is regularly updated to take account of changes in your organisation.
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