Risk is defined as a situation involving exposure to danger; to expose someone or something of value to danger; an event that has a probability of occurring, and could have negative impact to a project and/or division should that risk occur.
- First, there has to be an awareness that risk exists in each division,
- Next we need to identify what those risks are,
- Then we document the risks and the impact of the risk should it occur,
- We then communicate the risks to project/team leaders to take the appropriate steps to insure that the risks are minimized or eliminated.
A first step at risk assessment at Saint Anselm College
- Identification of top ten risks by Division
- Categorization of risks and visualization on heat map
- Narrowing down of all risks into top ten College risks at the Cabinet level
- Categorization of risks and visualization on College-wide heat map
Tasks for each division
- Brainstorming all risks
- Description of potential impact
- Prioritizing into top 10 risks
- Assessing probability of occurrence
- Assessing severity of occurrence
Tasks for Risk Manager and/or Risk Management Task Force
- Collect data from all Divisions
- Input data onto Divisional heat map
- Analyze the severity and probability of the top ten divisional risks
- Address top risk issues with Division Leaders
- Input divisional data onto College-wide heat map
- Analyze top 10 College-wide risks
- Develop a mitigation strategy to reduce the probability of risks materializing
- How can we reduce the probability & by how much?
- Develop a contingency plan that will reduce the impact if risk occurs
- How can we reduce the impact & by how much?
- Continue to monitor what risks are (as they continue to change)