How to do it

STEP ONE: A RISK IDENTIFICATION WORKSHOP: (Risk circle can facilitate)

A risk is that X happens, caused by Y and with the consequence of Z.

We are now in brainstorm mode. Anything goes – GET IT OUT – capture lots of risks without evaluation - that comes later. Build on what others say – one idea or concern can trigger another.

Then make sure you record the risks you identified in a risk register! The Risk circle can provide a template. Here is one with just headings and the Risk circle can facilitate the process of capturing your risks. There are lots of drop downs to record the severity of each risk.

risk-register-template.png

STEP TWO: EVALUATE THE RISKS:

Answering these questions for each risk and recording the answers in your Risk Register means you now know the probability and impact of each risk. The register automatically calculates the severity of each risk and now you can see and prioritise those of high severity. If you identify any risks with a high severity to XRUK, please notify the Risk circle.

STEP THREE: DECIDE HOW TO ACT:

risk-treatments-2.png

Decide what actions to take to deal with the highest priority risks. There are 4 types of action, and a 'Plan B' :

The first 4 actions reduce the severity of the risk. The last one allows you to plan a contintency action should the risk actually happen. You should try to both reduce the severity and plan for it happening.

Record these actions within your Risk Register so that you remember what was decided and who is taking action.

Meet again to check if these actions have completed. If so, re-evaluate the risk and see if its severity has reduced. If it has, you can stop worrying.

STEP FOUR: REPEAT

Things change.... so it is a good idea to regularly (suggest once/month) review your circle's risks and check whether the mitigating actions have been done. New risks may have arisen and your known risks may become more (or less) critical. That may give you a new set of actions.

LARGER CIRCLES

A large circle may contain diverse sub-circles and if so, each should carry out risk management. The sub-circles may have different levels of risk and should try to rank themselves so the riskiest circles can be prioritised for any support they may need.

ITS A RISKY BUSINESS - XR RISK MANAGEMENT IN A NUTSHELL


Revision #42
Created 2 July 2021 13:51:59 by Heather Milne
Updated 1 November 2021 19:01:51 by Heather Milne