Management

RISK MANAGEMENT FOR COMMUNITY GROUPS

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Risk Management is not difficult but it does require rigour and discipline in applying the method. The sequence involves:
1 Preparation and understanding of the context in which the risk assessment is being carried out (what are we trying to accomplish? What areas of concern will we be looking at?)
2 Identification of potential risks and outcomes (What could happen and what would be the result if it did happen?)
3 Identification and valuing of controls in place which have a mitigating effect on the risk (What’s in place now that reduces either the likelihood of the risk occurring or the consequence if the risk does occur?)
4 Analysis of the risk in terms of its likelihood to occur and consequence if it does occur thus producing a risk that is either acceptable or unacceptable. (Determined by using the Risk Likelihood/Consequence Matrix.)
5 Development and implementation of an appropriate strategy and action plan to reduce the unacceptable risks. (What action can we take to reduce either the Likelihood or Consequence of the risk?)
6 Appropriate monitoring and reporting of both the treatment strategy and overall effectiveness of the risk management process.
Risk management is only a tool. How well it works for us is determined by how much effort we put in and how diligent we are in following the processes.

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Publisher

: ., 2002

Collation

1-32

Language

English

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NONE

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Subject(s)

RISK MANAGEMENT FOR COMMUNITY GROUPS

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