manage operational plan

King Edward VII College

Contingency Plan

The contingency planning process will be used by the management team to ensure that we plan for contingencies related to meeting the goals of the operational plan.

It will be done so in the form of a risk management plan with the risks specifically related to the goals of the operational plan.

Definitions

The following definitions are based on the Australian and New Zealand Risk Management Standard AS/NZS 4360:2004.

Risk

The chance of something happening which will have an impact upon objectives. It is measured in terms of consequence and likelihood.

Likelihood

A qualitative description or synonym for probability or frequency.

Consequence

The outcome of an event or situation, expressed qualitatively or quantitatively, being a loss, injury, disadvantage or gain. There may be a range of possible outcomes associated with an event.

Risk assessment

The overall process of risk analysis and risk evaluation.

Risk treatment/control methods

Selection and implementation of appropriate options for dealing with risk.

Conceptually, treatment options will involve one or a combination of the following five strategies:

· Avoid the risk.

· Reduce the likelihood of occurrence.

· Reduce the consequences of occurrence.

· Transfer the risk.

· Retain/accept the risk.

Risk management process

The systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating risk.

Risk assessment legend

This document is Contingency plan Template.

It is part of the supporting assessment resources for Assessment Task 2 of BSBMGT517.

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Risk assessment

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