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Organizations have developed a variety of templates to help management and employees identify, assess, and report risk information systematically and consistently. Templates generally fall into one of three categories, corresponding to the three vital areas of information they are designed to capture:
Usually in the form of a table, this simple template is designed to allow managers to list major risks, or risk sources, often within predefined risk areas or categories. In most cases, the risk identification template also includes a section on a preliminary risk assessment. Some more advanced forms may include a likelihood and impact decision-making model to show a risk rating (i.e. a combination of impact and likelihood) prior to implementing mitigation strategies (see Appendix C).
Initiative or Project Objective: |
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Risks or Risk Areas: |
Preliminary assessment |
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LOW | MEDIUM | HIGH | |
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2. | |||
3. | |||
4. | |||
5. |
These templates, commonly referred to as worksheets, are often more elaborate, consisting of two or more tables. They are designed to capture and track as much information as possible about identified risks. In addition to a more detailed description of particular risks, the template may include such information as:
Corporate objective affected | Risk description and its consequences | Result of likelihood and impact assessment | Risk rating | Existing moderation capacity or capability | Additional mitigation action or strategy | Manager responsible | |
Likelihood | Impact | ||||||
Risk maps are graphic representations of key risks facing an organization at any given time. Key risks are plotted or superimposed on a matrix depicting their impact and likelihood or severity and frequency. Risks can be colour-coded to show source, predefined category, or other considerations (e.g. insured versus uninsured risks) that may be relevant in the context of a particular organization, business line, or program. Risks or risk areas are usually numbered or coded to link them to detailed information in a risk analysis template or risk inventory. Organizations that have identified many risks may also show the total number of risks in each cell.
Economic and Financial
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Environmental
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Legal
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Technological
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Safety and Security
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Risks depicted are adapted from the Appendix E lists and shown in no particular order.
Short, point-form statements of factors that should be taken into account in making the right trade-offs in developing acceptable mitigating strategies
Identification of all key mitigating strategies
Targeted completion date for each mitigating strategy
Source: Reproduced from Integrated Risk Management in HRDC (October 2002), Human Resources Development Canada.