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|All work of
Organisations carries risk
e.g. Fire, Staff sickness, Drug shortages
It is helpful to quantify the probability of an event occurring.
and the hazard (Major, +++Intermediate,++ minor +)
The Consequence is the Probability x The Hazard.
Risk Management is about examing possible risks and then prioritising them in terms of their consequences.
There are never sufficient resources to cope with all the risks adequately. A Manager has to make choices and through Risk management can examine the consequences of each risk in terms of its hazard and probability.
It is then possible to reach working priorities.