Risk Register

Creating and Updating the Risk Register

Viewing the Risk List

• The risk list displays all registered risks, including the activity, hazard descriptor, score controls, score reviews, and referenced document/monitoring method. This provides an overview of the identified risks and their associated information.

Adding a New Risk

• To add a new risk to the register, follow these steps
• Click on the "Add Risk" button.
• Fill out the necessary information about the risk, including the activity, hazard descriptor, controls, reviews, and referenced document/monitoring method.
• Click the "Save Changes" button to add the new risk to the register. Ensure that all relevant details are accurately entered to effectively manage the risk.

Setting the Risk Matrix

• Utilize the "Manage Risk Matrix" tab to configure the Risk Matrix. The Risk Matrix is a tool used to assess the likelihood and consequence of each risk. By setting up the Risk Matrix, you can establish a consistent approach to evaluating and prioritizing risks based on their severity.

Managing Hazards

• Access the "Manage Hazards" tab to view and manage all hazards associated with each activity on the site. This allows for a comprehensive understanding of potential risks and enables effective mitigation strategies to be implemented.

Managing Controls

• Use the "Manage Controls" tab to view and manage all controls put in place to mitigate risks. This includes identifying and implementing appropriate measures to reduce the likelihood or impact of each risk. Regularly review and update controls as needed to maintain their effectiveness.

Risk Assessment and Management

Identify Risk

• Begin by identifying potential risks that could impact the organization's objectives, operations, or stakeholders.
• Consider various sources of risks, such as internal processes, external factors, compliance requirements, technology, and human factors.
• Engage relevant stakeholders, including employees, managers, and subject matter experts, to gather insights and perspectives on potential risks.

Assess Risks

• Evaluate each identified risk based on its likelihood of occurrence and potential impact or consequences.
• Use a risk assessment framework or methodology to assign a risk rating or score to each identified risk.
• Consider the severity of potential consequences, the likelihood of occurrence, and the organization's risk tolerance to prioritize risks for further management.

Mitigate Risks

• Develop risk management strategies and action plans to mitigate identified risks.
• Implement appropriate control measures, safeguards, or preventive actions to reduce the likelihood or impact of risks.
• Assign responsibilities to relevant individuals or teams for executing risk mitigation actions.
• Continuously monitor and review the effectiveness of risk mitigation measures and make adjustments as necessary.

Monitor and Review

• Establish a process for ongoing monitoring and review of risks to ensure they are effectively managed.
• Regularly assess the effectiveness of control measures and risk management strategies.
• Stay updated on emerging risks and evolving industry trends to proactively address potential threats.
• Foster a culture of risk awareness and encourage employees to report and escalate risks or incidents promptly.

Communicate and Document

• Maintain clear documentation of the risk assessment process, risk registers, and risk management actions.
• Communicate risks and risk management strategies to relevant stakeholders, ensuring transparency and understanding.
• Foster open communication channels for reporting and discussing risks within the organization.

Continual Improvement

• Regularly review and update the risk assessment and management process based on feedback, lessons learned, and changes in the business environment.
• Foster a culture of continuous improvement by encouraging feedback, sharing best practices, and implementing lessons learned from previous risk management efforts.