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, 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?'
Assess the current effectiveness of these controls. Use the Control Effectiveness (PDF 59.02kb) 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 (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.
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 (PDF 83kb) to assess the likelihood that a risk will occur.
3.4 Overall level of risk (current assessment)
Use the Risk Rating (PDF 56kb) to determine the overall level of risk.
Reviewed 26 May 2020