Risk Analysis and Prioritising

The matrix below is adapted from the Risk Management Standard. It can be used to record a priority rating for each risk identified in the risk audit. Each risk identified must be evaluated in terms of:

A risk exposure that has both a high likelihood and a high severity of consequence should be given the greatest consideration for elimination or control. A risk that is both low in likelihood and low in severity can easily be retained and self-funded.

If an evaluation of a risk gives rise to a rating of "Extreme", it must be dealt with straight away.

Risk prioritisation matrix

Legend

E Extreme Risk Immediate action required
H High Risk Senior management attention needed
M Moderate Risk Management responsibility must be specified
L Low Risk Manage by routine procedures

Follow this link if you are interested in a Risk Analysis Template

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