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Erschienen in:
2021 | OriginalPaper | Buchkapitel
3. The Process of Risk Management
verfasst von : Konstantinos Tzanakakis
Erschienen in: Managing Risks in the Railway System
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Abstract
This chapter is dedicated to the processes of risk management. In Chapter 2 (The Concept of Risk Management) the risk management frameworks are examined in different countries in Europe, the American continent and Australia/New Zealand as also at different Organizations. The risk management process as per the Australia/New Zealand standard will be the basis for this Chapter. The following key elements will be discussed in detail: After reading this Chapter you will understand the key elements of the risk management process
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Establishing the context has to do with understanding the Organization’s background and its risks and identifying and analyzing stakeholders.
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Risk identification has to develop a list of sources of risks and events that might have an impact on the achievement of each of the objectives identified in the previous step: establish the context.
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Risk analysis aims to provide an understanding of the level of risk and its nature, and to help set priorities and options for treatment.
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Risk evaluation will guide in deciding whether that risk is acceptable or not.
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Risk treatment will help to choose one or more treatment options for each unacceptable risk.
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Monitoring and review to assess the effectiveness and appropriateness of the risk management strategies and systems.
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Communication and consultation with internal and external Stakeholders to improve the risk management process.