Elements and Performance Criteria
- Identify the criteria for risk management
- Risk management procedures are identified from the organisation’s risk management plan/maintenance organisation exposition
- Where a risk management plan does not exist, potential risks are identified and documented
- Criteria for managing the identified risks are determined in accordance with standard risk management procedures and documented as a risk management plan
- The process for evaluation and review of the risk management plan is identified from the organisation’s plan or an evaluation methodology is developed and included in the plan developed in accordance with standard risk management procedures
- Manage risk
- Activities are monitored in accordance with the risk management plan
- Performance deviations are identified and responses are initiated in accordance with the risk management plan
- The effectiveness of risk responses are monitored and reported in accordance with risk management plan procedures
- Evaluate risk management processes
- Risk management outcomes are reviewed and analysed to assess the effectiveness of the risk management plan
- Recommendations on variations to the plan are developed and processed in accordance with organisational policies and procedures