 © iStockphoto Show Be prepared for any eventuality. Risk management is an important function in organizations today. Companies undertake increasingly complex and ambitious projects, and those projects must be executed successfully, in an uncertain and often risky environment. As a responsible manager, you need to be aware of these risks. Does this mean that you should try to address each and every risk that your project might face? Probably not – in all but the most critical environments, this can be much too expensive, both in time and resources. Instead, you need to prioritize risks. If you do this effectively, you can focus the majority of your time and effort on the most important risks. The Risk Impact/Probability Chart provides a useful framework that helps you decide which risks need your attention. How to Use the ToolThe Risk Impact/Probability Chart is based on the principle that a risk has two primary dimensions:
The chart allows you to rate potential risks on these two dimensions. The probability that a risk will occur is represented on one axis of the chart – and the impact of the risk, if it occurs, on the other.
You use these two measures to plot the risk on the chart. This gives you a quick, clear view of the priority that you need to give to each. You can then decide what resources you will allocate to managing that particular risk. The basic form of the Risk Impact/Probability Chart is shown in figure 1, below.
The corners of the chart have these characteristics:
It's natural to want to turn this into a two-by-two matrix. The problem here is where the lines dividing the quadrants of the matrix lie. For example – should you ignore a 49 percent probability risk, which will cause a 49 percent of maximum loss? And why, in this example, should you pay maximum attention to a risk that has a 51 percent probability of occurring, with a loss of 51 percent of maximum loss? Tip 2:In some industries, you need to pay close attention to even very unlikely risks, where these risks involve injury or loss of human life, for example. Make sure you pay due attention to these risks. To use the Risk Impact/Probability Chart, print this free worksheet, and then follow these steps:
To successfully implement a project, you must identify and focus your attention on middle and high-priority risks – otherwise you risk spreading your efforts too thinly, and you'll waste resources on unnecessary risk management. With the Risk Impact/Probability Chart, you map out each risk – and its position determines its priority. High-probability/high-impact risks are the most critical, and you should put a great deal of effort into managing these. The low-probability/high-impact risks and high-probability/low-impact risks are next in priority, though you may want to adopt different strategies for each. Low-probability/low-impact risks can often be ignored. Download Worksheet
We want to find out more about who uses this part of our website and what they think of it. You can help us by completing a short survey. Go to survey Risk management is a step-by-step process for controlling health and safety risks caused by hazards in the workplace. You can do it yourself or appoint a competent person to help you. Identify hazardsLook around your workplace and think about what may cause harm (these are called hazards). Think about:
Look back at your accident and ill health records as these can help you identify less obvious hazards. Take account of non-routine operations, such as maintenance, cleaning or changes in production cycles. Think about hazards to health, such as manual handling, use of chemicals and causes of work-related stress. For each hazard, think about how employees, contractors, visitors or members of the public might be harmed. Vulnerable workersSome workers have particular requirements, for example young workers, migrant workers, new or expectant mothers and people with disabilities. Talk to workersInvolve your employees as they will usually have good ideas. Assess the risksOnce you have identified the hazards, decide how likely it is that someone could be harmed and how serious it could be. This is assessing the level of risk. Decide:
Control the risksLook at what you're already doing, and the controls you already have in place. Ask yourself:
If you need further controls, consider:
Put the controls you have identified in place. You're not expected to eliminate all risks but you need to do everything 'reasonably practicable' to protect people from harm. This means balancing the level of risk against the measures needed to control the real risk in terms of money, time or trouble. You can find more detailed guidance on controls relevant to your business. Record your findingsIf you employ 5 or more people, you must record your significant findings, including.
To help you, we have a risk assessment template and examples. Do not rely purely on paperwork as your main priority should be to control the risks in practice. Review the controlsYou must review the controls you have put in place to make sure they are working. You should also review them if:
Also consider a review if your workers have spotted any problems or there have been any accidents or near misses. Update your risk assessment record with any changes you make. |
On the risk register, the p*s score is followed by action plans to manage the risk and what else?
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