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Greenwich English College
MGT
MGT STRATEGIC
stage 4.docx - Risk Management Plan The risk management process will be used by the
management team to ensure risk control methods are included in all
stage 4.docx - Risk Management Plan The risk management...

 SchoolGreenwich English College
 Course TitleMGT STRATEGIC
 Uploaded Byjcktcr
 Pages9
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Risk Management PlanThe risk management process will be used by the management team to
ensure risk controlmethods are included in all organisational planning, management of operations
and governance.DefinitionsThe following definitions are based on the Australian and New Zealand
Risk Management StandardAS/NZS 4360:2004.RiskThe chance of something happening which
will have an impact upon objectives. It is measured interms of consequence and
likelihood.LikelihoodA qualitative description or synonym for probability or
frequency.ConsequenceThe outcome of an event or situation expressed qualitatively or
quantitatively, being a loss, injury,disadvantage or gain. There may be a range of possible
outcomes associated with an event.© J+S Learningwork 2017Page 1
Risk assessmentThe overall process of risk analysis and risk evaluation.Risk treatment/control
methodsSelection and implementation of appropriate options for dealing with risk.Conceptually,
treatment options will involve one or a combination of the following five strategies:Avoid the
risk.Reduce the likelihood of occurrence.Reduce the consequences of occurrence.Transfer the
risk.Retain/accept the risk.Risk management processThe systematic application of management
policies, procedures and practices to the tasks ofestablishing the context, identifying, analysing,
evaluating, treating, monitoring andcommunicating risk.© J+S Learningwork 2017Page 2
Risk assessment legend© J+S Learningwork 2017Page 3
Risk registerDocument at least five risk and treatment measures. Evaluate each risk as to whether it
is high, medium or low priority and assign an order for treatingrisks.Scope of
assessment:Minimize the impact of unplanned incidents on the project by identifying
andaddressing potential risks before significant negative consequences occur.
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 TERMOne '19
 TAGSManagement, General Manager
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