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10. RISK ASSESSMENT EXERCISE

Welcome, this exercise is set to see if you understood the concepts that were introduced in the last class number 9



Using the Risk Assessment Matrix.
When assessing a risk for the first time you should assume there are no controls already in place.  
The subsequent two assessments are completed with 1) those controls already in place and 2) with any additional controls needed to reduce the risk further.  The assessor should assign values for the identified ‘likelihood’ of occurrence (A) and the severity of the ‘Impact’ (B).  By multiplying ‘A’ and ‘B’ together you get the rating score, which gives an indication of how important the risk is.  The thick black line is the “line of tolerance”.  Those risks that are plotted above the line (score 10 – 25) are “out of tolerance” and should be referred to CRMG for further consideration.
LIKELIHOOD (A)

Very Likely

5
5
10
15
20
25

Likely

4

4
8
12
16
20

Feasible

3
3
6
9
12
15

Slight

2
2
4
6
8
10

Very unlikely

1
1
2
3
4
5

Insignificant

1

Minor

2

Significant

3

Major

4
Critical
5

IMPACT (B)

Green = Low risk, Amber 9 = Medium risk, Amber 10 –12 high risk, Red = High risk

Likelihood of Occurrence (A)
Severity of Impact (B)
1- Very unlikely    (hasn’t occurred before)
1 -   Insignificant   (have no effect)
2 -  Slight                 (rarely occurs)
2 -   Minor               (little effect)
3 -  Feasible            (possible, but not                                         common)
3 -   Significant      (may pose a problem)
4 -  Likely                 (has before, will again)
4 -   Major              (Will pose a problem)
5 -  Very Likely       (occurs frequently)
5 -   Critical            (Immediate action required)

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Exercise on risk assessment


Part 1—What are the risks associated with working in a flower farm/construction site/soap making factory

                                                                                                                                                           

                                                                                                                                                           

                                                                                                                                                           

                                                                                                                                                           

Part 2—Evaluate the likelihood and potential impact of the risks:

Risks
Probability?
(High, Medium, Low)
Potential Impact? (High, Medium, Low)
Overall Significance of Risk
(High, Medium, Low)
1)



2)



3)



4)



5)





Which risks should you focus your resources on?
                                                                                                                                                           
                                                                                                                                                           
                                                                                                                                                           
                                                                                                                                                           


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