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Operational Risk & Resilience (Hazards (A hazard is an event that has…
Operational Risk & Resilience
Risk Terminology
Risk Analysis
Risk Management
Risk Perception
Source of Risk
Impact
Quantifying the impact requires the impact to be identified: financial / physical etc..
Likelihood
The chance that this is going to happen: Rare / likely or unlikely
Risk
Combination of Impact & Likelihood
Hazard
Potential to have a negative effect on the business
Impact
Impact Matrix
Organisations need to consider different areas of the operation that may be affected
Likelihood
Organisations use a matrix to assess likelihood in order to standardise its evaluation across the
business.
Hazards
A hazard is an event that has the potential to result in unwanted consequences.
Supply Chain: Incorrect items delivered by suppliers / Damaged deliveries to customers.
UK Health and Safety Executive (2017), a hazard is anything that may cause harm
Human Capital: Human Error / Incomplete Training
Technology: Computer System Failures / Incorrect Equipment
Customers: Incorrectly stating the specification of a product or service
Organisational - Internal processes
Managing Risk
There are three broad approaches for managing risk: Reduce the impact / Reduce the likelihood & Recover
