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Risk

Numerical Advantage follows the standard ISO 31000 (the replacement for AS/NZS 4360).  This follows a sound and useful structure.  However, we feel that the standard as commonly implemented can be significantly improved by adapting the commonly used risk likelihood and consequence assessments (e.g. 'likely'; 'major' ) and making them more numerical.  This conventional judgmental approach can be improved by learning from the highly quantitative approach to risk in the insurance and investment industries.

We also consider there is value in linking risk management explicitly to performance measures and to corporate planning.

Previous clients (of the director) include:

  • Department of the  Environment
  • National Blood Authority
  • ACT Auditor-General's Office

Incorporation of risk

A key element of risk management is to incorporate the risk management action plan (sometimes called risk treatments) into every day business.  [We have to manage the risk that risk management is wasted.]  A key issue in implementation is therefore to gain support from the highest levels and to demonstrate the usefulness of risk analysis to line managers and staff.