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Risk management
Risk management

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8 Summary of Session 3

In Session 3 you have looked at risk identification and the importance of creating a comprehensive risk statement, covering all root causes of a risk, the risk event and all the consequences of a risk. You have also looked at risk categorisation and its benefits. You have considered the use of standardisation in the risk identification activity to support improved understanding of risks.

Moving on from the risk statement, you also looked at how individuals, groups and organisations can identify risks. The risk toolkit covered the use of a number of methods by which risk could be identified from simple ‘brainstorming sessions’ to more advanced risk ‘bow ties’.

Concluding Session 3 you covered best practice in documenting risks using a risk register and looked at some of the human factors involved in risk identification.

The main learning points that have been covered in this session are:

  • risk statement (Cause, Event, Consequence)
  • methods of identifying risk – brainstorming, interviews, checklists, PESTLE, SWOT
  • different types of risk
  • risk registers.

Now move on to Session 4 [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] to focus on risk assessment.