Embedding Risk Management to Achieve Strategic and Operational ...
Embedding Risk Management to Achieve Strategic and Operational ...
Embedding Risk Management to Achieve Strategic and Operational ...
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The Qantas Approach -<br />
<strong>Embedding</strong> <strong>Risk</strong> <strong>Management</strong><br />
Structure<br />
Operations<br />
<strong>Risk</strong> <strong>Management</strong> done in isolation is not sustainable, you need a<br />
supporting risk management framework<br />
Qantas’ System of <strong>Risk</strong> <strong>Management</strong><br />
Strategy<br />
• Policy<br />
• Leadership/<br />
commitment/<br />
culture<br />
• Alignment with<br />
vision/ objectives/<br />
strategy<br />
• Governance structure<br />
• Specialist risk groups<br />
• Reporting <strong>and</strong> moni<strong>to</strong>ring<br />
frameworks<br />
• <strong>Risk</strong> management methodology<br />
• Awareness <strong>and</strong> capability<br />
• Support<br />
Qantas Group <strong>Risk</strong> Assessment Guide<br />
Communicate <strong>and</strong> Consult (refer page 4)<br />
1. Establish the Context<br />
• Define the problem/describe the change<br />
• Identify internal <strong>and</strong> external stakeholders<br />
• Size the discussion – how many, how big (dollars, people,<br />
aircraft, etc.)<br />
• Determine relevant consequence ratings for this assessment<br />
2. Identify <strong>Risk</strong>s/Hazards<br />
• What can happen – identify list of risks <strong>to</strong> be managed<br />
• How can it happen – consider possible causes <strong>and</strong> scenarios<br />
3. Analyse <strong>and</strong> Evaluate <strong>Risk</strong>s<br />
• Identify existing controls/management strategies<br />
• Rate effectiveness of controls/management strategies<br />
• Describe <strong>and</strong> rate the worst consequence of the scenario (refer<br />
page 2 )<br />
• Rate the likelihood of the consequence (refer page 3)<br />
• Based on consequence <strong>and</strong> likelihood ratings assign the risk<br />
level (refer page 3)<br />
• Set priorities<br />
4. Treat <strong>and</strong> Control <strong>Risk</strong>s<br />
• Identify <strong>and</strong> assess range of options for treating risk (refer page<br />
4)<br />
• Prepare risk treatment <strong>and</strong> control action plans: responsibilities,<br />
schedules, expected outcomes, budgets, performance<br />
measures, review process<br />
• Implement plans<br />
• Analyse the effectiveness of the treatment/control <strong>and</strong> evaluate<br />
residual risk<br />
+ QGRAG supporting materials<br />
Moni<strong>to</strong>r <strong>and</strong> Review<br />
9
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