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RM 1-3
Question | Answer |
---|---|
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 |