• Risk Management Process
• Guidelines for Risk Assessment
• Calculating the Level of Risk

3.0 PROCEDURE

Risk Management Process

Refer attached diagram

Guidelines for Risk Assessment

Refer attached Chart

Calculating the Level of Risk

Once a risk is identified it is important to calculate the level of each risk, discuss with others and use your experience and the table below to calculate the level of risk:

• Evaluate the likelihood of a risk occurring, according to the ratings in the left hand column
• Evaluate the consequences of the incident occurring according to the ratings in the top row
• Calculate the level of risk by finding the intersection between the likelihood and the consequences

Likelihood Insignificant Minor Moderate Major Catastrophic
Almost certain High High Extreme Extreme Extreme
Likely Moderate High High Extreme Extreme
Possible Low Moderate High Extreme Extreme
Unlikely Low Low Moderate High Extreme
Rare Low Low Moderate High High

(adapted from the Australia/New Zealand Standard for Risk Management AS/NZS 4360:1999)

Storage of Completed Risk Assessment

Completed Risk Assessments will be held on file for 5 years and then archived in an appropriate manner.

Risk Assessments for the current year will be kept at the front of the file for ease of reference.

4.0 DOCUMENTATION

Risk Assessment Form

REFERENCES
AS/NZS 4360:1999 STANDARD FOR RISK ASSESSMENT

REVIEW