Risk Management FAQs

Risk Management practices allow for threats to objectives to be identified, assessed and mitigated. This allows for better oversight of the things that threaten what you are trying to achieve.

A risk is something that may happen. An issue is something that is already happening.

The 'Risk Register and Scoring and Treatment Guidance' clearly explains the difference between likelihood and impact and provides indicative guidance for all risk categories.

Risk identification and risk scoring should be dynamic. Any measures which help to reduce (mitigate) the likelihood and/or impact of your risk, should also be scoped. If your mitigating measures are positively impacting the risk, then you can reduce your score. Likewise, if there is evidence to say that the likelihood or impact are increasing, you can increase your risk score. Ongoing review of your risks is vital to ensure they are an accurate reflection.

The risk management framework allows for risks to be managed locally or escalated (via governance processes). The Risk and Resilience Team can be contacted to explain this further. Risk identification and management ensures that decision making is defensible and that the right resources (often being the resource of time) follow higher scoring risks.

A department may assess Health & Safety risks, such as slips, trips and falls, to promote a safe working environment. This is different to risk management via a risk register, which allows for risks to outcomes to be scoped and managed.

Consider how risk register discussions can fit into existing forums and meetings to better increase visibility.