A risk trigger is a indicator that a risk is about to occur or has occurred. Once the risk trigger occurs, the project team needs to implement a risk response. The risk owners may need to consult with other project team members to devise the risk plans.
Q. What are the conditions that might triggers the risk assessment review?
Whenever there to any significant changes to workplace processes or design. Whenever new machinery, substances or procedures are introduced. Whenever there is an injury or incident as a result of hazard exposure.
Q. What are the factors involved in risk planning?
There are three steps to risk planning:
- Identifying Risks.
- Prioritizing Risks.
- Determining Response Plans.
Q. What are examples of risk response?
Table of risk responses
| Risk Response | Description/example |
|---|---|
| Reduce | Action is taken to reduce either the likelihood of the risk occurring or the impact that it will have. |
| Accept | The risk may be accepted perhaps because there is a low impact or likelihood. A contingency plan will be identified should it occur. |
Q. How do you write a risk response?
The Four Risk Responses
- Avoid. Eliminate the threat or protect the project from its impact. Here is a list of common actions that can eliminate risks.
- Transfer. This involves moving the impact of the risk to a third party.
- Mitigation. Reduce the probability or impact of the risk.
- Accept. All projects contain risk.
Q. How will you mitigate the risk?
Let’s talk about four different strategies to mitigate risk: avoid, accept, reduce/control, or transfer.
- Avoidance. If a risk presents an unwanted negative consequence, you may be able to completely avoid those consequences.
- Acceptance.
- Reduction or control.
- Transference.
- Summary of Risk Mitigation Strategies.
Q. How can we prevent pure risk?
There are four ways to mitigate pure risk: reduction, avoidance, acceptance, and transference. The most common method of dealing with pure risk is to transfer it to an insurance company by purchasing an insurance policy. Many instances of pure risk are insurable.
Q. Which risk can not be eliminated?
Some traders, investors wanted to eliminate the risks completely. However, we note that risks cannot be eliminated, only managed.
