Risk rankings can have a significant effect on service design, affecting several items in your delivery process, including: Risks are generally ranked from highest impact/highest probability down to lowest impact/lowest probability with the higher ranked risks demanding more attention during implementation. There are many different ways you can determine and rank the probability and impact of each risk. When performing risk assessment for a new service, it’s important to look at how likely it is that the risk will occur (its probability) and how much damage the risk can incur when it happens (its risk level or impact). You implement the change, accept that the risk and its accompanying losses can occur, and handle the situation after the fact. Retention – There is no planning in response to a possible risk.The risk hasn’t occurred yet but your risk mitigation planning makes it less likely to occur. Mitigation (Reduction) – You take action in advance to reduce the probability of a risk occurring.The system looks for a warning sign (trigger) that the risk is happening, and executes a “Plan B” to deal with the risk as its occurring. Contingency – A response is executed after the risk starts to occur.You avoid the risk by not implementing the proposed change.
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