Mitigation

Systems and processes exist in our dynamic world. Each organization and situation is different. Just as there is not one risk management process that works for any organization, there also is the need for continuous improvement of an existing system.

When first designing a risk management process for your organization, you consider your objectives and adjust a framework to fit your needs. Over time your objectives and the surrounding environment changes, thus requiring a critical look at your process. [Read more…]

Identifying risk is an important first step. It is not sufficient though.

Taking steps to deal with risk is an essential step. Knowing about and thinking about risk is not the same as doing something about risk.

Risk will occur. Some good, some bad. Some minor, some catastrophic. Your ability to mitigate risk allows you to proactively acknowledge and accommodate risks. Let’s talk about four different strategies to mitigate risk: avoid, accept, reduce/control, or transfer. [Read more…]

Once reliability risks have been identified and analyzed, we have to do something.

Well, not really.

If the risk is acceptable to the stakeholders, then we can simply continue with the current plan and monitor or any new risks or changes in our understanding of the existing risks.

Risk mitigation is a ‘system, process, or investment to control the likelihood or consequence of a risk.’ This is according to the glossary of risk terms in ISO 31000: Enterprise Risk Management. In many cases, the risk is unacceptable and will require mitigation. [Read more…]