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  • RMIT Risk Management Procedure TABLE 1: Likelihood and Consequence Criteria

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    Mahmoud Magdy Rizk
    34 vizualizări1 pagină
    This document outlines a risk management procedure used by RMIT that includes a likelihood and consequence criteria table (Table 1). Table 1 defines 5 levels of consequence from catastrophic to insignificant and 5 levels of likelihood from almost certain to rare. It then provides a risk matrix that cross-references the likelihood and consequence levels to determine an overall risk rating from very high to low.

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    This document outlines a risk management procedure used by RMIT that includes a likelihood and consequence criteria table (Table 1). Table 1 defines 5 levels of consequence from catastrophic to insignificant and 5 levels of likelihood from almost certain to rare. It then provides a risk matrix that cross-references the likelihood and consequence levels to determine an overall risk rating from very high to low.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    34 vizualizări1 pagină

    RMIT Risk Management Procedure TABLE 1: Likelihood and Consequence Criteria

    Încărcat de

    Mahmoud Magdy Rizk
    This document outlines a risk management procedure used by RMIT that includes a likelihood and consequence criteria table (Table 1). Table 1 defines 5 levels of consequence from catastrophic to insignificant and 5 levels of likelihood from almost certain to rare. It then provides a risk matrix that cross-references the likelihood and consequence levels to determine an overall risk rating from very high to low.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 1

    RMIT Risk Management Procedure

    TABLE 1: Likelihood and Consequence Criteria


    Moderate Moderate Low Low Low Rare High High Moderate Low Low Unlikely

    Catastrophic / Outstanding Major

    Very High
    High Moderate Moderate Low

    Very High Very High


    High Moderate Low Likely

    Very High Very High


    High Moderate Low Almost Certain

    Consequence

    Moderate Minor Insignificant

    Likelihood

    Possible

    Consequence
    The following definitions have been used to describe the consequences of a risk occurring: (1) Catastrophic Financial impact exceeds $30M / 10% of project budget / Outstanding Multiple deaths Very high client sensitivity Irreparable damage to University s image and reputation Cessation of business due to non-compliance with regulations Business and Strategic objectives unable to be achieved (1) Major Financial impact $20M-$30M / 5-10% of project budget Single death and/or multiple significant injuries Significant client sensitivity Significant damage to University s image and reputation Restriction of business due by regulators Significant impact on Business and Strategic objectives Moderate Financial impact $5M-$20M / 1-5% of project budget Multiple injuries Moderate client sensitivity Medium damage to University s image and reputation Fines and penalties by regulators (e.g. delay in payment to client) Moderate impact on Business and Strategic objectives (1) Financial impact less than $5M / 1% of project budget Single injury Low impact on client sensitivity Minimal damage to University s image and reputation Censure by regulators Minimal impact on Business and Strategic objectives Risk consequences are dealt with by routine operations Risk consequences are dealt with routine operations
    (1)

    Likelihood
    The following definitions have been used to describe positive outcomes / opportunities : Huge financial gain (exceeding $30M) Significantly enhanced image and reputation Significantly exceeds Business and Strategic objectives The following definitions should be used to describe the likelihood of the risk / opportunity occurring. Almost The event is expected to occur in most Certain circumstances Risk has more than a 75% chance of occurring Will occur within the next six months

    Major financial gain ($20M-$30M) Enhanced image and reputation Significant contribution towards achieving Business and Strategic objectives

    Likely

    The event will probably occur in most circumstances Risk has 50-74% chance of occurring Will occur within 18 months

    High financial gain ($5M-$20M) Some enhancement to reputation Moderate contribution towards achieving Business and Strategic objectives

    Possible

    The event could occur at some time Risk has 25-49% chance of occurring Will occur within 36 months

    Minor

    Some financial gain (< $5M) Minor improvement to image and reputation Minor contribution to Business and Strategic Objectives

    Unlikely

    The event is unlikely to occur Risk has less than 25% chance of occurring May occur within 48 months

    Insignificant

    Small benefit Low financial gain

    Rare

    The event may only occur in exceptional circumstances Not likely to occur within next five years

    Note (1): Financial impact is on net revenue after insurance coverage (if any). In the case of service groups, measure is on net expenditure.

    Document: Consequence likelihood and matrix Author: Darren Bass Save Date: 01/12/2010 Page 1 of 1

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