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S1.2. Risk Process and Assessment

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Rachel Sarsaba
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13 views13 pages

S1.2. Risk Process and Assessment

Uploaded by

Rachel Sarsaba
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Process as per ISO 31000

Steps on Risk Management Process as


per ISO 31000
1. Context establishment;
2. Identification of the potential risk;
3. Risk assessment
4. Creation of risk options;
5. Identification of potential risk management
treatments;
6. Make a risk management plan;
7. Execute the plan
Steps on Risk Management Process as
per ISO 31000
1. Context establishment;
a. Risk identification in selected domain of
interest;
b. Planning the rest of the whole risk management
process;
c. Plotting out:
* Scope of risk management
* Identify the objectives of stakeholders
* Bases of risks evaluation and constraints.
Steps on Risk Management Process as
per ISO 31000
2. Identification of potential risks;
must possess the ability to forecast the problems that
may arise out of the current endeavor that they have
attended. Start with the source of information whether from
competitors or with the problem itself.
a. Source of risk classification:
* Internal; and
* External
b. Problem analysis is to determine for proper
actions needed when confronted with situations involving
problems or issues.
Steps on Risk Management Process as
per ISO 31000
Factors to consider in choosing the method of
identifying risks: culture, industry practice, and
compliance.
a. Objectives-based risk identification;
b. Scenario-based risk identification;
c. Taxonomy-based risk identification;
d. common-risk checking
e. Risk charting
Steps on Risk Management Process as
per ISO 31000
Factors to consider in choosing the method of
identifying risks:
a. Objectives-based risk identification;
The mission, vision, and goals of an
organization illustrate where it should be at a particular
point in time.
Any happening that may ban them from
achieving those may be considered a risk that
necessitates a course of action on the part of the
management.
Steps on Risk Management Process as
per ISO 31000
Factors to consider in choosing the method of identifying
risks:
b. Scenario-based risk identification;
Scenarios are the alternatives to the objective or
an analysis of the interaction of forces.
Scenario analysis using risk management models
indicates outsourcing is a good strategy. Primary consideration
is the supply chain as the focal point of evaluation of potential
partners, not only regarding cost expected but also other risks.
The risk may be due to product failure, producing company
failure and political risk.
Steps on Risk Management Process as
per ISO 31000
Factors to consider in choosing the method of
identifying risks:
c. Taxonomy-based risk identification;
Is the breakdown of possible risk resources.
Outdoor industry risk management is measured
based on how different outdoor expeditionary programs
manage risk. They are more focused on the staff team,
participants, environment, and equipment as their central
areas in which risks are managed.
Larger organizations tend to employ more risk
management strategies than smaller organizations.
Steps on Risk Management Process as
per ISO 31000
Factors to consider in choosing the method of
identifying risks:
d. common-risk checking: considered as a list of
known risks available.
Steps on Risk Management Process as
per ISO 31000
Factors to consider in choosing the method of
identifying risks:
e. Risk charting (Common Vulnerability and
Exposures list)
This method is a combination of all the
approaches or techniques discussed above which
enumerates the resources at risk, threats to the
resources, modifying factors that will increase or
decrease the risk, and consequences wishes to avoid.
Assessmen
t
It is a stage wherein the severity of the impact of the
said risk is being weighted to make the most intelligent
decisions for the full implementation of the risk
management plan.

Is the determination of a quantitative or qualitative


estimate of risk related to a clear situation and
recognized threat.

Assessmen
t
2 components of quantitative assessment:
1. The magnitude of potential loss (L);
2. The probability (p) of the occurrence of the risk.
Potential Risk treatments
Categories of techniques in
managing risk:
a. Avoidance (eliminate,
withdraw from not become involved)
b. Reduction ( optimize-
mitigate) Assessmen
c. Sharing (transfer –outsource t
or insure)
d. Retention (accept and
budget)

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