Step 3 — Risk analysis
Assess each risk to determine the overall level of risk (the ‘risk rating’).
- identifying any existing controls
- considering the consequences (effect) if the risk eventuates, and
- 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?'
Consider the consequences or impact (effect) of the risk if it was to occur.
Consequences are measured using the following terms:
Use the (PDF 501kb) 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.
Consider how likely it is that the risk will occur.
Likelihood is described using the following terms:
- almost certain
3.4 Overall level of risk (current assessment)
Reviewed 26 May 2020