Safety and Risk

Risk Management Standards

AS/NZS/IOS 31000:2009 a benchmark by which laws will be interpreted - when considering what is "Reasonable" legal reference can be made to standards.

Risk Treatment

Any action designed to reduce likelihood of risk occurring and or the severity of consequence

Risk Management

Coordinated activities to direct and control an organisation with regard to risk.

6 Steps

Establish context. Identify Risks. Analyse Risk. Evaluate Risk. Treat Risk. Emergency Response Plan.

Perceived risk

Individuals subjective assessment of a risk

Risk Rating

Likelihood and Consequence (rated Extreme to Low)

Establishing Context

Objectives: goals, purpose, intentions Define Parameters: external and internal, perceptions of risk Set scope and risk criteria of remaining process (risk ass and treatment)

Likelihood

Possibility of risk measured 1/5

Edgework

Risk as a form of boundary negotiation

Residual Risk

Risk that remains after actions in place.

Risk is measured by

Terms of consequence and likelihood

Inherent Risk

The Pure risk associated with an action without taking any existing risk treatment action into consideration .

Risk

The chance of something happening that will impact objectives.

Risk Management Cycle

The process involving several formal steps as defined in the AS/NZS Risk Management Standards 31000

Absolute Risk

Uppermost limit of risk .. No safety controls present

Risk Appetite

Value Judgement: risk levels .. Extreme, High, Medium , Low