Can You Risk It? - Insurance Commission of Western Australia
Can You Risk It? - Insurance Commission of Western Australia
Can You Risk It? - Insurance Commission of Western Australia
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Attachment ASample <strong>Risk</strong> Reference TablesQUALITATIVE MEASURES OF CONSEQUENCESLevel Rank Financial Impact Injuries/Death Reputation and Image1 Insignifi cant Less than $1000 No injuries2 Minor $1000 to $10,000 First aid treatment3 Moderate4 Major5 Catastrophic$10,000 to$50,000$50,000 to$150,000More than$150,000Medical treatmentrequiredDeath or extensiveinjuriesMultiple deaths orsevere permanentdisablementsUnsubstantiated, low impact,low pr<strong>of</strong>i le or no news item.Substantiated, low impact,low news pr<strong>of</strong>i le.Substantiated, publicembarrassment, moderateimpact, moderate news pr<strong>of</strong>i le.Substantiated, publicembarrassment, high impact,high news pr<strong>of</strong>i le,third party actions.Substantiated, publicembarrassment, very highmultiple impacts, highwidespread multiple news pr<strong>of</strong>i le,third party actions.Activities/OperationsLess than1 hour1 hour to1 day1 day to1 week1 week to1 monthMore than1 monthQUALITATIVE MEASURES OF LIKELIHOODLevel Descriptor Example Detail Description Frequency1 Rare The event may occur only in exceptional circumstances.2 Unlikely The event could occur at some time.3 Moderate The event should occur at some time.4 Likely The event will probably occur in most circumstances.5 Almost certain The event is expected to occur in most circumstances.Less than oncein 15 yearsAt least oncein 10 yearsAt least oncein 3 yearsAt least onceper yearMore than onceper yearSAMPLE RISK CRITERIALevel <strong>of</strong> <strong>Risk</strong> Criteria for Management <strong>of</strong> <strong>Risk</strong>1 – 3 Acceptable4 – 5 Monitor6 – 9 Management Control Required10 – 14 Urgent Management Attention15 – 25 Unacceptable<strong>Can</strong> <strong>You</strong> <strong>Risk</strong> <strong>It</strong>? An Introduction to <strong>Risk</strong> Management for Community Organisations 12