Scoring Your Level of Risk Maturity
The way in which your Company undertakes Risk Management can determine how likely you are to succeed and avoid losses
Risk Analysis and Control
How well a company understands the causal pathways to risk and implements controls is a building block of risk management.
Risk Assessments are conducted regularly in your business
A risk assessment is a formal process for determining what causal pathways exist in a project or activity and highlights likely causes and required controls (suggesting actions where controls are insufficient). The process would typically involve pre-work by a Facilitator and then review by a team of personnel who add their knowledge and experiences to the process.
A risk assessment is conducted for every activity
We don't do this
There is a formal review of Risk Assessments by a senior member of staff who was NOT involved in the assessment
There are a range of reasons for it - but a team of well intentioned personnel can generate some very unusual conclusions about what could go wrong and what to do about it
Every RA is formally reviewed and controls / actions are endorsed
There is no formal process and this wouldn't normally happen
Company (site) and industry incident data is reviewed prior to the RA and linked to the causal pathways identified in the team based process
There is a wealth of good information in incident records kept by companies and published by government and other agencies which can improve the credibility of any study of risks
Incident data is reviewed by the RA facilitator prior to and the team at the RA. The reviewer considers the incident data set as part of their review process.
There is no formal requirement to review incidents / we never look at this data except in the monthly reports
Our insurance coverage addresses the high consequence incident outcomes that can not be completely controlled by Company systems
Insurance is the transfer of risk to a third party. This should be done to mitigate business outcomes and have premiums which reflect the level of risk present.
Our insurance cover matches our understanding of risk with policy wording confirmed as covering potential loss scenarios identified in RAs
There is no obvious link between our insurance program and company risk assessments. We place insurance using brokers getting the best price for classes of insurance that other similar companies to ours have in place
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