Risk 101
A continuous, systematic process of identifying and controlling hazards to increase certainty of outcomes.
What is Risk Management
List the hazards associated with each phase of the project. Potential failures, i.e., things that could go wrong, encompass equipment or operational problems both internal and external to the project.
What is Identify Hazards
Enterprise, Strategic, Operational, and Real-Time.
What are the Levels of Risk Management
Almost Certain, Likely, Possible, Unlikely, and Rare.
What is Probability
A continuous, systematic process of identifying and controlling hazards to increase certainty of outcomes.
What is Identified Risk
Risks that could have a potential impact on an organization’s objectives
What is Strategic Risk
Consider the risk applicable to the project and, specifically, the risk applicable to meeting the objective; determine individual levels for each hazard identified; assess risk by evaluating specific elements or factors that, when combined, define risk; identify the potential consequences associated with the given task; lastly, determine the probability or likelihood of experiencing that outcome based on experienced persons, such as subject matter experts.
What is Assess Hazards
Sometimes confused or interchangeably with Risk.
What is Safety
Catastrophic, Critical, Moderate, or Negligible.
What is Severity/Consequences
Risk that has not been identified but has some effect on the likelihood of achieving our objective. Some risk is not identifiable or measurable but is no less important.
What is Unidentified Risk
Risks that materialize from regulatory and compliance requirements that organziations are subject to.
What is Compliance Risk
1. Identifying risk management strategies.
2. Determining the effect of these controls, or the residual risk, on the hazard.
3. Evaluating risk versus gain to inform a decision
What is Make Risk Decisions
Seeks to reduce risks to acceptable levels.
What is Risk Management
Extremely High, High, Moderate, Low
What are Risk Assessment Codes
The portion of total risk that remains after mitigation measures have been employed, comprised of acceptable risk and unidentified risk.
What is Residual Risk
This form of Risk, has the potential to disrupt daily operations involved with running an Organization.
What is Operational Risk
Once the risk decision is made, resources must be made available to put the specific controls in place.
What is Implement Controls
Serves to facilitate and promote wildland firefighter safety.
What is Forest Service Fire Operations Risk Management Council
Provides a quick mechanism to assess risk, assign scores to risk elements, compile a total risk score, and equate that score to a relative evaluation of overall risk.
What is Risk Assessment Tool
Residual and unidentified risks determined to be acceptable based on the importance of meeting objectives.
What is Acceptable Risk
These risks look at a company’s standing in the public and in the media and identify what could impact its reputation.
What is Reputational Risk
The final step in the ORM process.
What is Supervise
Used to determine the authorization required to sign a Risk Assessment.
What is Risk Decision Authority
Used to assign Risk Assessment Codes to each hazard that may be experienced while completing an objective.
What is Risk Assessment Matrix
That portion of identified risk that cannot be tolerated and must be either controlled or avoided.
What is Unacceptable Risk