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Risk Management

Risk management is a management planning tool that involves the systematic identification,assessment, and setting up of procedures that will avoid them, minimise or cope with their impact on a business or project.  Within a risk management context, ‘risk’ refers to the likelihood of a specific threat or outcome having a negative impact on a business or project.

Risk management should be an integral part of organisational and decision making processes and is often represented in a five step process:

  1. Identify, assess and characterise threats/undesirable outcomes
  2. Evaluate the likelihood of risks
  3. Determine the consequence of specific threat/undesirable outcomes
  4. Identify risk management actions
  5. Utilise risk management actions where appropriate.

 

Implementing the five steps in the risk management process ultimately results in the development of a risk management plan which will outline an action or response to each of the identified risks. The action or response is designed to lower the likelihood, consequence and severity of the anticipated risk to the business or project.

Successful risk management relies on communication and consultation with key staff.  Therefore, the staff of an organisation or on a project is best placed to assist in the identification process, as well as in treating and monitoring of the risks. They should also be assigned to oversee those risks that may impact on their area of the business or project.

Value Network has the capability to provide risk management facilitation services to your organisation or project and can assist you in tailoring your risk management plan to suit your businesses or project. Contact us to see how we can help you with your risk management.

 
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