Risk & Opportunity Management Putting theory into Practice Susy Austin MQM Business Consultant.

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Presentation transcript:

Risk & Opportunity Management Putting theory into Practice Susy Austin MQM Business Consultant

The Story of Risk Management Today’s world is more competitive Less tolerant of poor performance Subject to increased public scrutiny Culture of litigation Focus on good Corporate Governance

Risk Management Standard 1995 AS/NZ Australian Standard revised revised AS/NZ

What is a Risk? AS/NZ 4360 the chance of something happening that will impact on the objectives of an organisation

What is Risk Management? The systems and processes in place to manage adverse events and also potential opportunities The systems and processes in place to manage adverse events and also potential opportunities

Risk Management Should examine the entire spectrum of risk Political or community perception Financial Human Resource Environment Public liability, safety

Identity Consequences MR Action Plan Establish the Context Identify Risks Identify the controls Monitor / Review Start here RISK CYCLE Identify causes & consequences Action Plan Apply a risk rating

Why Have a Risk Management Program? Why Have a Risk Management Program? Because you have to! Fear of litigation Lack of adequate insurance cover Reduction in the need for crisis management Secure Corporate Governance Can contribute to overall achievement of corporate goals and objectives Areas requiring concentrated effort are highlighted Effective allocation of delivery of products / services High standard of customer service Reduced number of adverse incidents

Getting started: Getting started: Right people Start small, simple Brainstorm Use tools Logical step by step AS/NZS 4360

Priority Criteria Fatalities / Injuries Damage to Assets Damage to the Environment Damage to Reputation / Credibility Damage to Private Property Class Action

Risk Management Process Context Risk identification “What could go wrong?” “How and why could it happen?” happen?”

Risk Management Process Controls Rating the risk What probability is there of the risk occurring? (likelihood) How serious will the outcome of the outcome of the event be? (impact) event be? (impact)

Risk Management Process Risk Treatment Avoid the risk altogether Transfer liability for the risk to another party Accept the risk Reduce the likelihood / consequence of the risk occurring

Sunshine Park Trail Risk Management Report Date: September 2004 Risk Description CausesConsequencesCurrent Controls Risk Rating (Likelihood Impact) Actions/Strategies to reduce the risk

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