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<br /> <br /> <br /> <br /> What is the risk management department responsible for? <br /> <br /> The department may manage litigation, coordinate safety programs, and undertake the complex analyses <br /> required to set monetary reserves for future claims. The functions of continuous risk management would be <br /> to: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 41, 1 <br /> Identify: Search for and locate risks before they become problems. <br /> <br /> Analyze: Transform risk data into decision-making information. Evaluate impact, probability, and <br /> timeframe, classify and prioritize risks. <br /> <br /> Plan: Translate risk information into decisions and mitigation actions (both present and future), and <br /> implement those actions. <br /> <br /> Track: Monitor risk indicators and mitigation actions. <br /> <br /> Control: Correct for deviations from the risk mitigation plans. <br /> <br /> Communicate: Provide information and feedback, internal and external to the project, on the risk activities, <br /> current risks, and emerging risks. <br /> <br /> Developing a Risk Management Proeram <br /> <br /> The first step in creating a risk management program is to identify and establish the purpose for creating a <br /> risk management program. It may include items such as to reduce the cost of insurance and/or financial <br /> losses, minimize interruption of vital County services, provide a safe environment for the public and <br /> employees and reduce the number and cost of accidents. <br /> <br /> The next step would be to designate an individual or team responsible for developing and implementing the <br /> organization's risk management program. The team would be principally responsible for the risk <br /> management plan, while successfully integrating risk management within all levels of the organization. <br /> <br /> 2 <br />