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
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WHEN DO WE NEED TO MANAGE RISK?<strong>Risk</strong> management is a way <strong>of</strong> 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 <strong>of</strong> your operations.<strong>You</strong> should carry out a risk assessment for any new project, event or initiative. <strong>It</strong> 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 <strong>Can</strong> <strong>You</strong> <strong>Risk</strong> <strong>It</strong>? An Introduction to <strong>Risk</strong> Management for Community Organisations