The Risk Guide Risk Guide RSS Feed


Risk Management Knowledgebase

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 


SFAIRP So Far As Is Reasonably Practicable
SFAIRP is a term often used in the Health and Safety at Work Act and in Regulations.
SOW Statement Of Work. A description of product and service to be procured under contract; a statement of requirements.
SRP Summary Risk Profile
SRP is a simple mechanism to increase visibility of risks. It is a graphical representation of information normally found on a risk register.
This graph should be updated in line with the risk register on a regular basis. The profile shows risks in terms of probability and severity of impact with the effects of mitigating action taken into account.
The SRP is often referred to as a probability/impact matrix.
The position of the risk tolerance line on the matrix would depend on the organisation and its project.
SWOT analysis Sketch out your Strengths, Weaknesses, Opportunities and Threats.
Scope Some organisations may be fairly insular in their risk identification processes if they perceive that the major element of risk arises from within the organisation.
Other organisations may need to consider a much wider scope if they consider that they may face risks from a wider environment.
Depending on the nature of the organisationís business risk identification may range from almost exclusively internal activity to activity that depends on international information.
The scope can be defined as the sum of work content of a project. It can also be the limits of a persons assigned tasks or deliverables on a project or the limit of project deliverables.
Self-Assessment An approach by which each level and part of the organisation is invited to review its activities and to contribute its diagnosis of the risks it faces.
This is often effectively conducted through a workshop approach with skilled facilitators.
A particular strength of this approach is that better ownership of risk tends to be established when the owners themselves identify the risks.
Self-insurance A decision to bear the losses that could result from a disruption to the business as opposed to taking insurance cover on the risk.
Stakeholders A person having an interest in some aspects of the organisation (or project).
Risk management actions, which appear good value and effective in the abstract, may not be acceptable to stakeholders.
It is important to communicate with stakeholders about the way in which the organisation is managing risk to give them assurance that the organisation will deliver in the way which they expect.
Standard A well-defined convention or measure which must be complied with.
Strategy The overall organisational approach to risk management. This should be documented and easily available throughout the organisation.
Strawman A person used as a cover for some questionable activity.
Systems Risk Disruption and outright system failures in both internal and outsourced operations.

© RuleWorks - All Rights Reserved - Policy - - Sitemap