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Risk Management

Risk Management. What Is Risk Management. Risk: Exposure to danger, harm, or loss Effect of uncertainty on the objective Risk Management: Identify, assess, and prioritize your risk Mitigate risk by elimination/reduction through practice, policy or process Monitor risk

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Risk Management

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  1. Risk Management

  2. What Is Risk Management Risk: • Exposure to danger, harm, or loss • Effect of uncertainty on the objective Risk Management: • Identify, assess, and prioritize your risk • Mitigate risk by elimination/reduction through practice, policy or process • Monitor risk • Control the probability of an event

  3. Why Should We Be Concerned?

  4. Why Should We Be Concerned?

  5. Why Should We Be Concerned?

  6. Why Should We Be Concerned?

  7. How To Move Forward Training: • Enlist help from within your organization (RM) • Seek subject matter experts, internal/external Reading material: • A lot of information, self help books • Darker Shades of Blue, Predictable Surprises, Outliers, Checklist Manifesto, Why We Make Mistakes ISO 31000: • Principles and guidelines RM (terminology)

  8. Identification of Risk • Seek input from entire staff to identify risk • Our staff and administration identified 30 topics • Topics brought to light may surprise you

  9. Risk Topics By Team Team 1Team 2 Courtroom Presentation/p Courtroom Presentation/p Dry Lab Sexual Harassment Safety Security Loss of Evidence Sample Misidentification Loss of Case Doc. Breach of Confidentiality Succession Planning Managing Interns

  10. Risk Topics By Team Team 3Team 4 Sexual Harassment Bias Bias Theft Valid Science Case Prioritization Report Reviews/p Timesheet falsification/p Capital Asset Mgmt./p Financial Monitoring/p Over Stressed Employees Sustainability Compl.

  11. Risk Topics By Team Team 5 Dry Lab Conflicts of Interest Unsafe Driving Accounts Receivable (lab fee fund)/p Social Media (inappropriate usage)

  12. Risk Assessment Failure Mode Effects Analysis Quantitative means to measure risk (low/high) • The seriousness of their consequences (Scale 1-10) • How frequently they occur (Scale 1-10) • How easily they can be detected (Scale 10 -1) Total Risk (RPN) is the product of S x F x D

  13. Risk Prioritization Risk prioritization starts with evaluation of the Total RPN’s Generally, the risk with the highest total RPN will be assigned the highest priority to address This will not always be the case though

  14. Risk Prioritization Example: 2 Risk Topics • Social media • Safety at crime scene (S x F x D = RPN) • 5 x 5 x 2 = 50 • 10* x 4 x 1 = 40 Severity (10) results in serious injury, death, or loss of accreditation (you may want to start here)

  15. Top 10 – Total RPN’s

  16. Main Categories of Risk

  17. How to Mitigate Risk • Avoid: Withdraw from that activity • Share: Outsource (external insurance) • Retain: Accept and budget for it (self insurance) • Reduce: Control or moderate risk (solve problems or improve process)

  18. Risk Reduction • Identify causes of known/potential risk • Brainstorm potential solutions • Identify strategic risk measures on actions (metrics) • Implement solutions/actions • Check results at least annually and adjust

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