Management should give priority to preventing these. Critical Risks (High Likelihood/High Impact) require the most urgent attention.Possible solutions include insurance, inbuilt redundancy, or backup systems off-site. Difficult Risks (High Low/High Impact) are the most difficult to control.There should be a balance between the cost of preventing the risk versus the cost of recovering should it eventuate. The amount of resources allocated to each action should be in proportion to the expected results. Risk mitigation strategies should try to eliminate the risk entirely or reduced it to an acceptable level. Identify a range of solutions to prevent, reduce, control, or insure against those risks which are seen as a priority and agree on the best choice using available resources. A low impact could mean minor injuries and a delay in deliveries for a few days. A high impact might mean the business ceases to function for a period of time or there are multiple fatalities.A high likelihood could mean the risk is almost certain to occur, medium – perhaps once every couple of years, and low is a once in a decade occurrence.Depending on the scope of the session, these definitions are likely to be quite different from one risk analysis to another. It is also useful to define criteria for Likelihood and Impact axis in the matrix. Risks to confidential data and information systems.Health & Safety risks for employees involved in a particular manufacturing process.Risks associated with the development of a new product or service.Organizational risks over the next five years.By making the scope of the meeting clear, participants can focus their efforts, eg: Data from the organization’s quality management and other information systemsĭefine whether the session is addressing strategic, project, process, systems, product or service risks.Results from a business impact assessment, Business Model Canvas, SWOT analysis, PESTLE analysis.Present any data and information that will help give context for the session. Participants in the session should have expert knowledge of the area under examination or be provided with enough information to allow them to contribute effectively. The goals of a risk assessment will depend on the industry, organization, and business processes under examination.
Give context and define the scope of the risk assessment.
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