ERM
Classified in Medicine & Health
Written at on 
English with a size of 2.86 KB.
Chap 1 - Risk Management: A coordinated set of activities & methods that is used to direct an org. & to control the risks that can affect its ability to achieve.
Benefit of RM: - goals are more likely to achieve.
- Good info RM underpins a wide range of org goals.
- Good info RM enhances stakeholder value.
Typical Event Risk Factors
Compliance: regulatory licenses, illegal activity
Emergency planning: lack of emergency response coordination, inadequate crisis management plans.
Environment: weather. Event planning: inexperience
8 steps of ERM
1) Identify event & stakeholders. 2) identify risk & causes.
3) Treatment of risk. 4) Perform risk analysis. 5) Evaluate.
6) Write RM plan. 7) Implement & communicate RM plan.
8) Monitor & review.
Risk Severity: Expected consequences of risk in terms of the degree of personal injury, property damage, impact on event / event management.
(Catastrophic, Critical, Marginal, Negligible)
Risk Possibility: Chances of a risk occurring.
(Frequent, Likely, Occasional, Seldom, Unlikely)
Risk Evaluation: Combine severity & possibility
(Extreme, High, Moderate, Low)
Follow up event:
survey, review media coverage, written / verbal feedback.
Risk Mitigation - reducing the likelihood risk will become reality, & the impact it would have if it did. Minimize its impact on you & the event & control your potential losses (add handrails to stage stairs to minimize the risk of people falling)
Treatment of Risk: avoid, transfer, share, minimise