5 Minutes On… Risk Management Five Minutes on… RISK MANAGEMENT What is it and why is it relevant? Image courtesy of waitporn / Freedigitalphotos.net.

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Presentation transcript:

5 Minutes On… Risk Management

Five Minutes on… RISK MANAGEMENT What is it and why is it relevant? Image courtesy of waitporn / Freedigitalphotos.net STEP ONE: Identify what could go wrong STEP TWO: Come up with corrective action before it happens

What does it do? Five Minutes on… RISK MANAGEMENT Image courtesy of jscreationzs / Freedigitalphotos.net It aims to prevent: Fraud Reputational Risk Harm to patrons Harm to the public Harm to your employees

Begin by identifying risks Five Minutes on… RISK MANAGEMENT Image courtesy of KROMKRATHHOG / Freedigitalphotos.net 1.List all the risks 2.Group similar risks together 3.You can use headings like: - financial - legal - communications - people - administration

I know my risks – now what? Five Minutes on… RISK MANAGEMENT 1.Rank the risks in order of seriousness - How likely are they? - How bad would it be if they did happen? 2. Do you have anything in place to prevent the risk? - Note this down by each risk 3. Now assess your risks again taking the preventative actions into account. - Are they still likely to occur? - How bad would it be now if they happened? 4. This is your residual risk. Are you happy with this level? If not you will need to plan more corrective action. Image courtesy of Stuart Miles / Freedigitalphotos.net

Managing your risk Five Minutes on… RISK MANAGEMENT Image courtesy of AdamR / Freedigitalphotos.net

Help is available Five Minutes on… RISK MANAGEMENT Image courtesy of Michal Marcol / Freedigitalphotos.net Joanna or Maree /