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Operational RIsk (Managing risk - Resilience (Risk Mitigation (avoid (get…

- - - - get rid of the thing causing the risk entirely
    - - reduce probability of it happening and consequences if it does
    - - transfer risk to others
    - - share impact - as in joint ventures and partnerships
    - - accept risk and plan for recovery - contigency fund etc.
- - - - Hazard
        
        issue or event that has the POTENTIAL to cause negative effects
        on the organisation
        
        sources
        
        human capital
        
        supply chain
        
        technology
        
        customers
        
        organisational
      - Impact
        
        Type
        
        Financial
        
        reputational
        
        operational
        
        physical
        
        severity
        
        Negligible
        
        no real effect
        
        minor
        
        inconvenient
        
        major
        
        short impact on operations
        
        severe
        
        long term impact on operations
      - Likelihood
        
        chance of the event happening
        
        rare
        
        never happened or not much chance
        
        unlikely
        
        may happen within next 5 years
        
        likely
        
        likely to happen within next 5 years
        
        almost certain
        
        likely to happen within 1 year
        
        based on historical or comparable data
      - Risk
        
        The probability that harm will be done
        
        product of likelihood and impact