Define risk and risk management
Look at a risk management model
Discuss the risk assessment process
Identify types of risk and exposures
Discuss risk management strategies
Answer questions
Risk is the possibility of an event with negative consequences that has not happened.
Risk is not the event itself or the cost, it is just the possibility.
Risk Management is a formal process of assessing a risk, understanding the parameters of the risk, and managing the risk by making appropriate decisions based upon the available
Visualizing the Risk Management Process (available in full paper).
Employees
Fleet
Vendors
Buildings & Equipment
Cyberspace
Reputation
General Liability
Workers Compensation
Property Loss
Business Interruption
Reputation and Image Loss
Contractual Activities
Vehicle (incl. Employee-owned)
Financial Risk
Product Liability
Legal Liability
Liquor Liability
Environmental Damage
Information Management
Intellectual Property
Insert Your Risk Here…
Try to identify all possible risks and only reject potential risks after the analysis - do not apply judgments at this stage. (Consider 1st party, 2nd, party, 3rd rparty, etc.)
You should involve as many people as possible. One person can't fully understand every aspect of the project well enough to identify all the risks alone.
Pessimists are good risk identifiers!
The identification of risks should never be considered to be complete. Risks will become apparent later in the process and during operations and should be included.
Identify the Hazards
Review loss history
Research & Brainstorm
Quantify the Risk
Risk = Probability x Impact
Figure (available in full paper).
Figure (available in full paper).
Figure (available in full paper).
Figure (available in full paper).
Figure (available in full paper).
Avoidance (drastic and unpopular)
Modification (safety pros play well here)
Retention (we'll live with it and pay)
Transfer or Share (insurance or service contracts) contracts)
Visualizing the Risk Management Process (available in full paper).
Whichever method you select, have an implementation strategy that informs the stakeholders and affected parties, anticipates roadblocks and is able to be analyzed and modified.
Conduct regular effectiveness monitoring and report to stakeholders.
Strive for continuous improvement through thoughtful analysis.
Whichever method you select, have an implementation strategy that informs the stakeholders and affected parties, anticipates roadblocks and is able to be analyzed and modified.
Could involve engineering, training, legal revisions, publications and a lot of finesse, de
