Can You Risk It? - Insurance Commission of Western Australia

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DEFINITIONSWHAT IS RISK MANAGEMENT?The culture, processes and structures that are directed towards the effectivemanagement of potential opportunities and adverse effects. 1WHAT IS RISK?The chance of something happening that will have an impact upon objectives. It is measured interms of likelihood and consequences or in other words the risk event/incident/accident that mighthappen and prevent you from successfully completing what it is you are setting out to do.WHAT DOES RISK REDUCTION MEAN?A selective application of appropriate techniques and management principles toreduce either likelihood of an occurrence or its consequences or both.WHAT IS RISK TRANSFER?Shifting responsibility or burden for loss to another party through legislation, contract, insurance or other means.WHAT DOES RISK ACCEPTANCE MEAN?An informed decision to accept the consequences and the likelihood of particular risk.WHAT IS A RISK REGISTER?A tool used to record information derived from performing a risk management process.WHY DO WE NEED TO MANAGE RISK?It is simply good management practice. It also provides structure and form to your decision-making processes.Some good reasons to manage risks include:• Helps with strategic planning• Reduces unexpected and costly surprises• More effective and effi cient allocation of resources• Better results from projects and programs• Assists you to clearly defi ne insurance needs• Better information for decision-making• Compliance with regulatory requirements• Assists in preparation for auditing• Lessening risk encourages more people to participate in your activity• Balancing opportunity and risk• Assist you to obtain insurance cover.1All defi nitions derived from The Australian/New Zealand Standard for Risk Management (AS/NZS 4360)Can You Risk It? An Introduction to Risk Management for Community Organisations 2
WHEN DO WE NEED TO MANAGE RISK?Risk management is a way of looking at your operations by considering whatcan stop you from achieving what you want to achieve.Therefore, risk management is an ongoing process that you apply to all aspects of your operations.You should carry out a risk assessment for any new project, event or initiative. It is a continuousprocess that is designed to help you prioritise where you dedicate your resources and funds.RISK MANAGEMENT IS A FIVE STEP PROCESSSTEP 1STEP 2STEP 3STEP 4STEP 5Establish the contextIdentify riskAssess risksTreat risksOngoing monitoring and reviewIMPORTANTThroughout each step it is essential that there is consultation and communicationwith everyone in your organisation’s functions, activities and events.RISK MANAGEMENT PROCESSCommunicate and Consult(ongoing throughout all steps)Step 4 Step 3 Step 2 Step 1Establish the contextIdentify risksAnalyse risksEvaluate risksTreat risksStep 5MonitorandReview3 Can You Risk It? An Introduction to Risk Management for Community Organisations
Page 1 and 2: Can You Risk It?AN INTRODUCTION TOR
Page 3 and 4: ACKNOWLEDGEMENTRiskCover acknowledg
Page 5: IntroductionRisk management is all
Page 9 and 10: Step 2 - Risk identificationThe pur
Page 11 and 12: Step 4 - Risk treatment and control
Page 13: Relevant LegislationUndertaking a r
Page 16 and 17: Attachment ASample Risk Reference T
Page 18 and 19: Risks by Level of RiskActivity/Even
Page 20 and 21: NotesCan You Risk It? An Introducti
Page 22 and 23: IntroductionIt is important to have
Page 24 and 25: MAIN MENU SCREENThe main menu scree
Page 26 and 27: DATA ENTRY FORMThe Data Entry Form
Page 28 and 29: 3. REPORT - RISKS BY ACTIONThis but
Page 30 and 31: 5. EDIT CONSEQUENCE CATEGORIES AND
Page 32: Case StudyA sporting club undertake

Can You Risk It? - Insurance Commission of Western Australia

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