The University of SydneyPage 30AS/NZS ISO 31000-2018 –Risk Management Process–to obtain more information about consequences and likelihood–to better understand the risk and its causes –to evolve treatment plans–provide an understanding of residual risk–enumerate current controls against identified risks Risk = A function of (Consequence and Likelihood)However Consequences have ratings too, therefore;Risk = Function of [(consequence X weighting), likelihood]Consequences may be expressed in terms of monetary, technical or human impact criteriaRisk analysis using–Qualitative analysis–Quantitative analysis–Semi-quantitative analysisAnalyse Risksl Identify current controlsl Determine consequencesl Determine likelihoodl Determine level of risk