The University of SydneyPage 35AS/NZS ISO 31000-2018 –Risk Management Process–to compare level of risk with established risk criteria –to make decisions –based on outcome of risk analysis--Whether a risk needs treatment--Whether an activity should be undertaken--Priorities for treatment–criteria for evaluation must be consistent with established contextEvaluate Risksl Compare against criterial Set prioritiesl Treat / Accept risk
LikelihoodConsequences1. Insignificant2. Minor3. Moderate4. Major5. CatastrophicA(almost certain)HighHighExtremeExtremeExtremeB (likely)ModerateHighHighExtremeExtremeC (moderate)LowModerateHighExtremeExtremeD(unlikely)LowLowModerateHigh ExtremeE (rare)LowLowModerateHighHigh