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CoRAS Risk Management

Overview

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The case for risk management......

Risk management is an integral part of good management practice. It is an iterative process consisting of a series of steps, which, when applied in a logical and systematic method of establishing the risk context - the organisation's objectives; capturing, evaluating, assessing treatment options, and determining and managing implementation of any remediations in key risk exposure areas. This process is the most effective way to enable an organisation to manage and control the delivery of its objectives better, minimise losses and maximise opportunities.

The main elements of the risk management process are the following:

  • Establish the context - The organisations objectives

    Establish the strategic, organisational and risk management context in which risk management will operate - the different functional areas in which the organisation has objectives - strategic, compliance, operational and financial - and the risks to the specific objectives in each. For example, fire risk management; reduce the opportunity for major incidents and the consequent loss of life

  • Identify risk areas

    Identify what, why and how these objectives might be compromised - areas and events which might arise as the basis for risk analyses. Those areas might be determined by legal or regulatory Standards (Fire Reform Regulations) or professional guidance or judgment. For example, the objectives required to be met under the Regulatory Reform (Fire Safety) Order 2005 (below) will form the basis for the identification of risk events that might compromise the achievement of those objectives.

    • Make an assessment of the fire hazard presented by a particular dwelling for harm from fire, causes, preventative measures and relevant matters affecting the likelihood and harm outcome and categorise risk based on HHSRS Hazard bands
    • Decide whether action should be taken to reduce the hazard (based on the band into which a dwelling falls) and also to prioritise actions across a landlord's property portfolio.
    • Carry out a Fire Risk Assessment
    • Following a risk assessment, implement appropriate fire safety measures to minimise the risk to life from fire
    • Keep the assessment up to date
    • Keep a written record of significant findings
    • Appoint a 'responsible person' and him/her if determined necessary appoint one or more 'competent' persons to assist
    • Fire risk assessments must be kept under regular review
    • Decide which prevention and protection measures would be most appropriate in the light of the premises
    • Maintain all fire precautions in efficient working order and good repair
  • Capture risks

    In a structured manner consistent with the risk to the achievement of the objectives e.g. minimise fire risk; reduce health & safety incidents; improve water quality and reduce exposures to legionella. Decide how the risks will be articulated - questions or statements

  • Evaluate risks

    Determine the most appropriate way to assess risks - binary (yes/no) or more sophisticated multi-dimensional such as the basic and most often used likelihood and impact or harm using a well defined risk scale and consistently within the organisation and over time. Also, there is a need to ensure that the risk assessors are appropriately qualified in the functional/professional areas concerned

  • Risk Treatment Options

    For each key risk as a minimum, examine the treatment options - Treat, Tolerate, Terminate, and Transfer - and decide on the most appropriate

  • Manage Remediation

    Once an appropriate control, mitigation or risk action has been determined ensure that there is a process in place to manage exposures pro tem through resolution