As part of the risk management process the council has developed a risk calculating methodology. This methodology is used in assessing the likelihood of the risk occurring and the impact it will have on the service provision. The analysis can be quantitative, qualitative or a combination of both. The council's risk assessment methodology is a combination of both.
The objective of Risk Analysis is:
To determine the likelihood and impact of the risk;
To prioritise the risk on the basis of High Medium or Low;
To establish an operational and or strategic risk register populated with current risks, profiled into high, medium and low categories.
The Risk Methodology and Risk Analysis process will determine what risks present a greater threat and allow us to identify and implement the required response to reduce the risk to an acceptable level.
