Risk management definitions

Risk

The chance of something happening that will have an impact upon objectives. It is measured in terms of consequences and likelihood.

Risk Management

The culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects.

Risk Analysis

The objectives of analysis are to separate the minor acceptable risks from the major risks, and to provide data to assist in the evaluation and treatment of risks. Risk analysis involves consideration of the sources of risk, their consequences and the likelihood that those consequences may occur.

Factors which affect consequences and likelihood may be identified. Risk is analysed by combining estimates of consequences and likelihood in the context of existing control measures.

Determine Existing Controls

Identify the existing management, technical systems and procedures to control risk and assess their strengths and weaknesses.

Tools and Techniques

Checklists, judgement based on experience and records, flow charts, brainstorming, system analysis, scenario analysis and systems engineering techniques. Also appropriate: inspections and control self-assessment techniques ('CSA').

This is based on the framework of the Australian Standard for Risk Management (AS4360).

Why fatigue management...

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