Name: Managing Risk
Rating: 4.46875 (24 reviews)

Safety and risk management

Managing risk is as much about creativity and success, as it is about due diligence.  

Effectively managing risk requires a framework to assist you in integrating risk management into significant activities and functions. 

Disclaimer


What is risk?


A risk framework requires ?


The effectiveness of risk management will depend on its integration into the governance of the organisation, including decision-making. This requires support from stakeholders, particularly top management.


Integrating risk management into an organisation is a dynamic and iterative process, and should be customised to the organisation’s needs and culture.


When designing the framework for managing risk, the organisation should examine and understand its external and internal context.


Properly designed and implemented, the risk management framework will ensure that the risk management process is a part of all activities throughout the organisation, including decision-making, and that changes in external and internal contexts will be adequately captured.


In order to evaluate the effectiveness of the risk management framework, the organisation should periodically measure risk management framework performance against its purpose, implementation plans, indicators and expected behaviour.


As relevant gaps or improvement opportunities are identified, the organisation should develop plans and tasks and assign them to those accountable for implementation.


Risk Management Guidelines - Overview

Don't let fear distort the facts! The cover picture is a grey nurse shark, often referred to as the labrador of the sea. Assessing risk is often stifled by perception and bias. Learn how to identify,  analyse and evaluate risk effectively.

Risk Assessment


Communication and consultation is there to assist relevant stakeholders in understanding risk, the basis on which decisions are made and the reasons why particular actions are required. 

Communication & Consultation


Without context there is no point in managing risk! Establishing the scope, the context and criteria is about customising the risk management process, enabling effective risk assessment and appropriate risk treatment.

Scope, Context and Criteria


Selecting and implementing the right treatment options for addressing risk requires a range of methods and techniques. Too often, we identify the wrong risk therefore throw resource at th wrong treatment or control.

Risk Treatment


Monitoring and review is about assuring and improving the quality and effectiveness of process design, implementation and outcomes. We often assume that documented treatments and controls are in place, yet have very little evidence of their effectiveness. 

Monitor and Review


The risk management process and its outcomes should be documented and reported through appropriate mechanisms. Remember,  its about quality, not quantity!

Recording and Reporting


It's easier to identify what is fragile (e.g.  champagne glass) than to predict what might harm it! Learn how to thrive on uncertainty, disorder, errors and stressors?

What is Antifragile?


For antifragile, harm from errors should be less than the benefits.


Antifragile

Human factors are the leading cause to the majority of risk failures around the World. Learn how to reduce complexity and re focus on the most fragile part of risk management… which is people.

What are Human Factors?


Chernobyl Disaster - The Ukrainian Minister of Power stated the odds of a meltdown were 1 in 10,000 just two months before the meltdown.
Volkswagen - A culture developed that seems to have not only permitted cheating on emissions tests, but even encouraged it.
IBM (early 1990) - An entrenched culture of conformity and rules that resisted any attempts at change which nearly sent them bankrupt.
ENRON - Individual and collective greed born in an atmosphere of market euphoria and corporate arrogance.


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