How to do: Risk Management Paul Hirst Insurance & Business Continuity Manager 19 th Sept 2013

How to do:Risk Management

Paul HirstInsurance & Business Continuity Manager19th Sept 2013

Introduction

Dispel a few mythsTime for lateral thinking Risk management – story tellingExampleApplying the above to your area

Risk management myths:

• It is Ok, we are insured – guess what, insurers often ask for a copy of the risk assessment when you make a claim!

• It is Ok, we have done a health & safety risk assessment – what about the other risks – reputation, financial, legal, student experience?

• This is just another admin job on top of what we are already doing! – guess what: you are already doing it but you just don’t have any proof!

Time for some lateral thinking...

Question:If you wanted to cross this busy road, what is the main risk??

Risk management – telling the story

This is what we aim to achieve

Start with positive thoughts – what to we want to achieve – use the headings: Compliance, Financial, Reputation, Service Provision, Health & Safety, Resources (inc staff), Student and Staff Experience

Risk management – telling the story

This is what we aim to achieve

These are the areas we worry about

This is what could happen

These two entries explain not only what could go wrong (what you worry about) but also what the effect would be (why you worry about it). Some things can go wrong but it doesn’t matter that much, other problems matter a lot.

Risk management – telling the story

This is what we aim to achieve

These are the areas we worry about

This is what could happen

This is how bad it would be

Use High (H), medium (M) or Low (L). See separate guidance note.

Risk management – telling the story

This is what we aim to achieve

These are the areas we worry about

This is what could happen

This is how bad it would be

This is what we do to stop it going wrong

Record all the controls you operate – decisions, authorisations, peer reviews, proof reading, policy and procedures, for example. Your process map(s) should help here.

Risk management – telling the story

This is what we aim to achieve

These are the areas we worry about

This is what could happen

This is how bad it would be

This is what we do to stop it going wrong

Are we happy with this?

Risk management – telling the story

This is what we aim to achieve

These are the areas we worry about

This is what could happen

This is how bad it would be

This is what we do to stop it going wrong

Are we happy with this ?

Additional measures /controls

In some cases the existing controls are not sufficient, or you identify a gap. Record this here and this is the start of your action plan. Once the additional controls are working you can update the risk assessment!

Not knowing why you need to cross the road, when you need to do it and how to get safely across is likely to lead to disaster. But, with a bit of careful consideration, you can make it across (e.g. use the nearest bridge, wait until the road is quietest), or perhaps you can achieve what you need to do without crossing the road?

Answer:

Not achieving your objective (this would be the overarching risk)

Questions

Paul Hirst 01392 723930 p.s.hirst@exeter.ac.ukTrudi Legge 01392 723087 t.legge@exeter.ac.uk