Step 3 – Risk analysis
Assess each risk to determine the overall level of risk (the ‘risk rating’).
This involves:
- identifying any existing controls
- considering the consequences (effect) if the risk eventuates
- the likelihood that the risk will occur.
3.1 Existing controls
Identify any existing controls and assess their effectiveness. Ask yourself 'what existing controls are in place?'
Assess the current effectiveness of these controls. Use the control effectiveness chart (PDF)(opens in a new window) to help you assess your current risk controls.
3.2 Consequences
Consider the consequences or impact (effect) of the risk if it was to occur.
Consequences are measured using the following terms:
- insignificant
- minor
- moderate
- major
- severe.
Use the consequence criteria guide (PDF)(opens in a new window) to assess the significance of the risk. This guide provides criteria for assessing risks in the categories of student outcomes, wellbeing and safety, operational, financial, reputation and strategic.
3.3 Likelihood
Consider how likely it is that the risk will occur.
Likelihood is described using the following terms:
- almost certain
- likely
- possible
- unlikely
- rare.
Use the likelihood criteria chart (PDF)(opens in a new window) to assess the likelihood that a risk will occur.
3.4 Overall level of risk (current assessment)
Use the risk rating matrix (PDF)(opens in a new window) to determine the overall level of risk.
Updated