Risk Management Process


Risk Management is a process of analyzing exposure to risk and determine how to best handle that exposure.  We undertake a best practice approach and collaboratively help stakeholders understand key risks and manage them within acceptable levels.  

These steps outline our approach to risk management:

  • Identify the most significant risks arising from operations on an on-going basis.
  • Quantify and prioritize risks based on the potential impact and the probability of occurrence.
  • Select a response and implement strategy
  • Monitor effectiveness of risk management efforts

Represented graphically, it appears like this:

process

Response strategies to risks are:

  • Avoidance - discontinue the activity that generates the risk
  • Mitigate - reduce the likelihood and/or the potential impact of a risk
  • Accept - retain the risk in its entirety
  • Transfer - shift ownership of the risk outcome to a third party (insurance) 

 

Last Updated: 12/2/13