Risk Management Policy Procedure Guidelines Checklist

The Risk Assessment Procedure is a systematic method to identify, evaluate, and prioritize potential risks associated with a project or operation. This procedure involves four primary steps: 1. Identify Potential Risks: Gather information from various sources such as historical data, expert opinions, and available literature to list down all possible risks. 2. Assess Risk Likelihood: Evaluate the likelihood of each identified risk occurring based on its probability and potential impact. 3. Determine Risk Impact: Assign a severity score to each risk based on its potential consequences if it were to occur. 4. Prioritize Risks: Rank risks in order of their priority, with high-impact, high-probability risks being addressed first.

The Risk Reporting Procedure is a systematic approach to identifying, assessing, documenting, tracking, and reporting risks within an organization. This process involves assigning a risk owner responsible for managing each identified risk. The procedure consists of several key steps: 1 identification of potential risks through various methods such as surveys, meetings, or reviews of existing documentation. 2 assessment of the likelihood and impact of each identified risk using a standardized scoring system to determine its overall risk level. 3 documentation of all identified and assessed risks in a centralized database for easy tracking and monitoring. 4 review and update of the risk register on a regular basis to ensure accuracy and relevance. 5 reporting of high-priority or significant risks to senior management or relevant stakeholders as deemed necessary.

This process step, Risk Mitigation Procedure, is designed to identify, assess, and prioritize potential risks associated with project execution. The procedure involves gathering data from stakeholders, reviewing historical information, and conducting workshops or surveys to gather insights on possible risks. Next, a risk assessment matrix is applied to evaluate the likelihood and impact of each identified risk. Risks are then prioritized based on their potential impact and likelihood, with high-priority risks being addressed first. Mitigation strategies are developed for high-risk areas, including contingency planning, risk avoidance, transfer, or acceptance. These plans are communicated to stakeholders, ensuring everyone is aware of the actions taken to mitigate identified risks. Regular reviews and updates are performed to ensure the effectiveness of these mitigation strategies in reducing project uncertainty.

This procedure outlines the steps for conducting a risk review and revision of existing risk assessments. The purpose is to ensure that risks are regularly evaluated and updated in accordance with changing circumstances or newly identified hazards. The process involves reviewing risk assessments against established criteria, identifying any changes or discrepancies, and revising or updating as necessary. This may involve consulting with relevant stakeholders, conducting further risk assessments, or implementing new controls to mitigate identified risks. The revised risk assessment is then documented and approved by designated personnel. Regular reviews are also scheduled to ensure ongoing risk management and compliance with regulatory requirements.