Question
Describe the structure of risk analysis. Explain challenges and benefits in application of risk management.
Answer :
Word Count : 1223
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Skip in 10
Risk analysis is often best done in a group with each member of the group having a good understanding of the objectives being considered.
- Identify the Risks: What might inhibit the ability to meet objectives? E.g. loss of a key team member; prolonged IT network outage; delayed provision of important information by another work unit/individual; failure to seize a commercial opportunity, etc.Consider also things that might enhance the ability to meet objectives e.g. a fund-raising commercial opportunity.
- Identify the Causes: What might cause these things to occur e.g. the key team member might be disillusioned with their position, might be head hunted to go elsewhere; the person upon whom you are relying for information might be very busy, going on leave or notoriously slow in supplying such data; the supervisor required to approve the commercial undertaking might be risk averse and need extra convincing before taking the risk, etc.
- Identify the Controls: Identify all the things (Controls) that you have in place that are aimed at reducing the Likelihood of your risks from happening in the first place and, if they do happen, what you have in place to reduce their impact (Consequence). Examples include: providing a friendly work environment for your team; multi-skilling across the team to reduce the reliance on one person; stressing the need for the required information to be supplied in a timely manner; sending a reminder before the deadline; and provide additional information to the supervisor before he/she asks for it, etc.
- Establish your Likelihood and Consequence Descriptors:
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