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RM 1-3

QuestionAnswer
Not a formal risk classification system Classifying according to timefame for the impact of an event
Time for impact of an event Long, medium and short-term impact
Long-term impact Up to 5 years after event or decision. Strategic.
Medium-term impact About a year after event or decision. Often a project ro product
Short-term impact Immediately after event. Immediate disruption to normal operations. Easiest types of risk to manage.
4 P's of Hazard risk People. Premises, Processes, and Products.
Risk that may cause legal non-comliance and losses by fraud Control (Uncertainty) Risk
Risk that is usually dependent on succesful mgmt of ppl and effective implementation of control protocols Control (Uncertainty) Risk
Separate category of risk that may require consideration in highly regulated industries Compliance Risk
Desired state in Hazard Risk Mgmt No unplanned disruption or inefficiency
Created by: mkari02
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