Elements and Performance Criteria
- Determine appropriate risk assessment strategies
- Evaluate risk and compliance factors
- Identify and collate accurate, reliable and up-to-date information on these elements in form suitable for analysis, and comprehensively investigate and review data accessed
- Evaluate risk elements against known exposure factors and consider compliance with relevant legislation, regulatory guidelines, industry sector compliance requirements and organisational policy
- Evaluate risk acceptability factors within context of organisation’s mitigating capabilities
- Evaluate risk acceptability factors within context of organisational requirements
- Establish risk acceptance criteria
- Establish terms and conditions of risk acceptance criteria for low hazard risk areas that meet market conditions and are within organisation’s accepted levels of exposure
- Establish terms and conditions of risk acceptance for high hazard risk areas that meet market conditions and are within organisation’s accepted levels of exposure
- Clearly document risk acceptance strategies, criteria and guidelines to meet requirements of relevant guidelines determined within delegated authorities
- Obtain and review relevant feedback and finalise risk acceptance criteria, and associated authority limitations, conditions and guidelines
- Develop risk management strategies
- Implement risk assessment strategies
- Evaluate and review risk assessment strategies