When developing the risk profile, it is important to adopt a methodology that is capable of identifying both tangible and intangible risks.
Risks that occur within and between organisational silos should also be identified. In addition, it is important to consider the impact of outside factors on the organisation, operation or project. These factors may include supply chain, outsourced functions, contractual arrangements and so on.
Unacceptable risk should be given the highest priority and medium to high risk will need to be addressed as quickly as possible.
It is important to remember that low or acceptable risks are risks that require minimal or no treatment. There is no need to devote too much time on these risk but it is important to review them to ensure that they remain low or acceptable risks.
Attached is an example of risk evaluation within a fictional university.
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