Risk Management Process & Procedures

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Presentation transcript:

Risk Management Process & Procedures Topic 3 SMQR 5103

Risk Management Process

Step 1: Establish Context External Law & regulation Economic environment External stakeholder values Technology & innovation Perceptions & relationship Competitive environment Internal Governance Culture Capabilities Values Internal stakeholder expectation Standards

Risk Identification Risk Evaluation Risk Analysis Step 2: Risk Assessment* Risk Identification Risk Analysis Qualitative Quantitative Likelihood Criteria Consequence Criteria Risk Evaluation i.e Risk Assessment Matrix Risk Action Table * Details in Topic 6

Step 2a: Risk Identification What? Find Recognize Describe How? Questionnaire/ Survey Bottom up approach SME advice Historical data & analysis When? Throughout the process

Consequences Criteria Step 2b: Risk Analysis Method: Quantitative Qualitative Likelihood Criteria Consequences Criteria

Step 2c: Risk Evaluation Method: RAM Brainstorming Delphi HACCP HAZOP RCA Decision tree Monte Carlo Bow Tie Output: Risk Action Table Risk Register HIRADC Register

Residual Risk Step 3: Risk Treatment Treatment Removal Transfer Retention Residual Risk

Step 4: Monitor & Review Monitor Compare Review Periodic reporting Audit Review Update risk

Manual Procedure Work Instructions Records Risk Management Documentation Manual Procedure Work Instructions Records

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