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Risk Management

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
  • Reporting

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)