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Risk Management Process & Procedures

Published byJosephine Chassé Modified over 6 years ago

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Presentation on theme: "Risk Management Process & Procedures"— Presentation transcript:

1 Risk Management Process & Procedures
Topic 3 SMQR 5103

2 Risk Management Process

3 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

4 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

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

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

7 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

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

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

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

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