015 - Risk-management-procedures.pdf

How severe a potential impact could be the likelihood

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how severe a potential impact could be the likelihood of the organisation being negatively impacted in this way. Once the potential impact and likelihood have been assessed, the risk assessment process considers whether the risk is acceptable to The Naja Group of Colleges, or whether further treatments are required to reduce the level of risk. All identified risks shall be assessed to determine the overall ranking for the risk. Risks are ranked in the following four categories: Extreme High Medium Low The ranking of a risk determines: the nature of further action that is required the urgency with which further action should be undertaken the reporting requirements for the risk, including who the risk is reported to how the risk is monitored. All risks within The Naja Group of Colleges are ranked using a common scale that assesses: the potential consequences if the risk were to occur the likelihood of The Naja Group of Colleges being impacted in that way. A common approach to risk ranking is necessary to ensure that the largest risks to The Naja Group of Colleges can readily be identified and risk management can be prioritised in a way that has the greatest overall benefit to the organisation.
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