Can You Risk It? - Insurance Commission of Western Australia

Attachment ASample Risk 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 profi le or no news item.Substantiated, low impact,low news profi le.Substantiated, publicembarrassment, moderateimpact, moderate news profi le.Substantiated, publicembarrassment, high impact,high news profi le,third party actions.Substantiated, publicembarrassment, very highmultiple impacts, highwidespread multiple news profi 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 of Risk Criteria for Management of Risk1 – 3 Acceptable4 – 5 Monitor6 – 9 Management Control Required10 – 14 Urgent Management Attention15 – 25 UnacceptableCan You Risk It? An Introduction to Risk Management for Community Organisations 12