Risk Analysis and Review
Example BoK RAR #2 [Specialist Level]
1. What was performed?
Identify potential threats as a basis for discussion within the core Group and organised and conducted a workshop to further identify, validate and rate the threats based on likelihood and impact. Creation of a risk register to document the outputs of discussion.
2. When was it done?
January 202x to April 202x and on-going
3. How was it carried out?
- Identified within the smaller cross-functional groups what are potential incidents/ threats that will disrupt the plant’s critical business functions. This serves as an initial list to spark discussion on potential threats.
- List of threats includes fire, flood, chemical spillage, staff absenteeism, pandemic outbreak
- Organised workshop with key operations and management staff to brainstorm on potential threats to the plant’s operations and validate the results on the threats identified by the core Group earlier.
- Identified the likelihood of occurrence and the impact on operations should each of the threats occur
- Conducted Risk Assessment exercise to identify top few threats affecting the operations
- Assessed the existing risk treatments/ mitigation actions currently in place.
- Reviewed the adequacy and potential areas of improvements
- Documented all discussions in a risk register for reporting to Management and audit trail purposes
- Prepared and summarised risk matrix to and presented findings to Management
