Risk Management – What?

« A systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. »

                                                                                                                                        Treasury Board

 

 

 

 

 

 

 

Risk Management - Benefits

  - Integral to good management

  - Targeted at decisions that contribute to the achievement of objectives

  - Relates costs to benefits

  - Reduces potential for negative impacts

  - Increases predictability – and the likelihood of success

  - Is ultimately highly cost effective

 

 Risk Management – The Process

    « Continuous and systematic process to understand, manage and communicate risk from an organization wide perspective. It is about contributing to the achievement of overall corporate objectives. »       

                                                                                                                                                PWGSC

    Risk Management Planning

 

    Risk Identification

 

    Risk Assessment            

     (qualification and quantification)

 

    Risk Response

 

    Risk Monitoring