Docstoc

UNIVERSITY OF TASMANIA RISK MATRIX LIKELIHOOD SCALE

Document Sample
UNIVERSITY OF TASMANIA RISK MATRIX LIKELIHOOD SCALE Powered By Docstoc
					                                                                                                              Risk Matrix (appended to Risk Management Policy CORP 13.1)


    UNIVERSITY OF TASMANIA RISK MATRIX

    LIKELIHOOD SCALE
    Descriptor         Description
    Almost certain     The event is expected to occur in most circumstances / commonly repeating / occurs weekly
    Likely             The event will probably occur in most circumstances / known to occur / occurs monthly
    Possible           The event might occur, say yearly / has a 1 in 20 chance of occurring
    Unlikely           The event could occur at some time, say once in every 10 years / say 1 in 100 chance of occurring
    Rare               Event may only occur in only exceptional circumstances / less than a 1% chance of occurring



                                                                        CONSEQUENCE
    LIKELIHOOD                 Insignificant                   Minor                      Moderate                         Major                    Catastrophic


    Almost Certain               Mod 11                       High 13                      Ext 20                          Ext 23                      Ext 25




    Likely                        Mod 7                       High 12                      High 17                         Ext 21                      Ext 24




    Possible                      Low 4                        Mod 8                       High 16                         Ext 18                      Ext 22




    Unlikely                      Low 2                        Low 5                        Mod 9                       High 15                        Ext 19




    Rare                          Low 1                        Low 3                        Mod 6                          Mod 10                      High 14




1
                                                                                                                            Risk Matrix (appended to Risk Management Policy CORP 13.1)


                                      Authority to Accept Risk / Risk        Notification / Communication         Formal Recording / Reporting         Inherent Risk Review and Control
              Risk Level                    Delegation Level                         Requirements                        Requirements                             Requirements
                                                                                                                                                          Reviewed 6 monthly - Controls
                                                                              Audit and Risk Committee of        Mandatory to Faculty Risk Register,
               Extreme                               SMT                                                                                               implemented to reduce residual risk
                                                                                        Council                  Business Cases and Project Plans
                                                                                                                                                        to high or below within 12 months
                                      Heads of School / Budget Centres
                                      (or Director level and above for a                                                                                  Reviewed 12 mthly - Include
                                      UTAS-wide corporate governance          Audit and Risk Committee of        Mandatory to Faculty Risk Register,   consideration of this risk in strategic
                 High
                                                    type risk)                      Council and SMT              Business Cases and Project Plans        and capital planning and fiscal
                                      or all staff on authorised Job Risk                                                                                           strategies
                                                     Analysis
                                                                                           SMT
                                     Senior Lecturer / Senior Researcher
                                                                            Heads of School / Budget Centres                                           Controls to be identified and actions
                                                / Manager level                                                  Mandatory to Faculty Risk Register,
              Moderate                                                      (or Director level and above for a                                               to reduce residual risk
                                      or all staff on authorised Job Risk                                        Business Cases and Project Plans
                                                                            UTAS-wide corporate governance                                                  opportunistically pursued
                                                    Analysis
                                                                                         type risk)
                                                                            Heads of School / Budget Centres
                                                                            (or Director level and above for a
                 Low                               All staff                                                          Included in Risk Register                         No
                                                                            UTAS-wide corporate governance
                                                                                         type risk)

                                       Authority to sign off incident
                                        report, accept investigation
    Incident / Event / Consequence   report and sign off both response       Notification / Communication         Formal Recording / Reporting
                 Level                     and preventive action                     Requirements                        Requirements                     Investigation Requirements
                                        Audit and Risk Committee of           Audit and Risk Committee of                                                Formal - including detailed root
            Catastrophic                                                                                                  Yes - mandatory
                                                   Council                          Council and SMT                                                              cause analysis
                                                                              Audit and Risk Committee of
                                                                                                                                                         Formal - including detailed root
                Major                                VC                                  Council                          Yes - mandatory
                                                                                                                                                                cause analysis
                                                                                          SMT
                                                                              Audit and Risk Committee of
                                                                                                                                                        Formal - including identification of
              Moderate                               SMT                                 Council                          Yes - mandatory
                                                                                                                                                          preventive follow-up actions
                                                                                          SMT
                                      Heads of School / Budget Centres
                                       (or Director level and above for a                                                                               Formal - including identification of
                Minor                                                       Faculty Dean / Executive Director             Yes - mandatory
                                      UTAS-wide corporate governance                                                                                      preventive follow-up actions
                                                    type risk)
                                                     All staff              Heads of School / Budget Centres
                                      (or Manager level and above for a     (or Director level and above for a
             Insignificant                                                                                                Yes - mandatory                             Informal
                                      UTAS-wide corporate governance        UTAS-wide corporate governance
                                                    type risk)                           type risk)




2
                                                                                                                                       Risk Matrix (appended to Risk Management Policy CORP 13.1)

    CONSEQUENCE SCALE
    Descriptor       Description
                     Financial, Legal, Commercial                 Human               Service Quality, Operations, Business                 Political, Reputation and     Environmental and
                                                                  Resources,          Interruption and Infrastructure                       Image                         Community
                                                                  Occupational
                                                                  Health & Safety
    Insignificant    Up to $5,000 for Faculties, Institutes,     Injury report      An event the impact of which can easily be           Issue resolved promptly     Brief pollution:
                      Schools, Centres, Divisions and              and/or first aid    absorbed through normal activity.                     by day to day                No discernable impact or
                      Sections.                                    only; and/or       Repeat theme complaints at a School level             management processes.         measurable impairment (for
                     Up to $500K for a UTAS-wide corporate       May include         and/or one or more registered formal                 Little or no stakeholder      example, not exceeding
                      governance risk or 0.5% of budget.           substantial         complaints.                                           interest.                     published guideline values for
                     Unlikely to result in adverse regulatory     stress event       Up to 10 recommendations from accreditation /                                       ‘normal’ or ‘background’
                      response or action.                          reducing work       licensing body.                                                                     levels).
                                                                   effectiveness      Loss of <1 days lectures or research or other                                      Internally reported.
                                                                   without lost        operational activity or work from such activity.                                   Environmental liability or
                                                                   time.              Negligible impact business interruption, brief                                      remediation cost <$5,000.
                                                                                       loss of service.
    Minor            $5,001 to $50,000 for Faculties,            Medical            An event, the consequences of which can be           Issue raised by students    Transient harm:
                      Institutes, Schools, Centres, Divisions      Treatment           absorbed but management effort is required to         and/or local press.          Minor effects on biological or
                      and Sections.                                Injury; and/or      minimise impact.                                     Minor, adverse local          physical environment.
                     $0.5m to $2.5m for a UTAS-wide              May include        Minor delivery delays.                                public or media attention    Minor short - medium term
                      corporate governance risk or 0.5 - 1% of     substantial        Service issue causing / contributing to loss of       and complaints.               damage to a localised area or
                      budget.                                      stress event        up to 10 EFSLs or loss of research or                Reputation is adversely       that ceases once the event is
                     Minor non-compliances and breaches of        requiring           consultancy project <$10,000.                         affected with a small         over.
                      Acts, Regulations or consent conditions.     professional       Up to 2 non compliance recommendations but            number of affected           Environmental liability or
                     Not likely to result in regulatory action.   clinical support.   accreditation / licence not immediately               people.                       remediation cost $5,000 -
                     May result in infringement notice.                               threatened.                                                                         $50,000.
                     Incident reportable to regulatory                               Loss of 1 - 5 days lectures or research or other
                      authorities.                                                     operational activity or work from such activity.
                                                                                      Local interruption only, service loss for
                                                                                       minimum period.
    Moderate         $50K - $0.5m for Faculties, Institutes,     Hospital           Significant event, which can be managed under        Student and or community Moderate harm:
                      Schools, Centres, Divisions and              treatment injury    special circumstances.                                concern, heavy local      Measurable impairment on
                      Sections.                                    less than 3 days  Service issue causing / contributing to loss of 10     media coverage.            biological or physical
                     $2.5m to $10m for a UTAS-wide                lost time           - 100 EFSLs, or loss of research or consultancy      Criticism by NGOs.         environment but not affecting
                      corporate governance risk or 1 - 5% of      Serious             project ($10,000 - $500,000).                        Reputation impacted with   ecosystem function.
                      budget.                                      temporary          More than 2 non-compliance recommendations            some stakeholders.        Short-medium term impacts,
                     Serious breach of Act, Regulation or         disability.         and/or ongoing accreditation and licensing                                       where the ecosystem will
                      consent conditions with potential for       Minor               under immediate threat.                                                          recover quickly and without
                      regulatory action such as issuance of a      permanent          Loss of 5 days - 6 weeks lectures or research or                                 intervention.
                      formal notice, a fine or prosecution.        disability.         other operational activity or work from such                                    Environmental liability or
                                                                                       activity.                                                                        remediation cost $50,000 -
                                                                                      Critical service interruption not back in agreed                                 $500,000.
                                                                                       time.




3
                                                                                                                                           Risk Matrix (appended to Risk Management Policy CORP 13.1)

    Major           $0.5m to $5m for Faculties, Institutes,      Single death.         Major event that with prioritised and focused         Embarrassment for the        Significant harm:
                     Schools, Centres, Divisions and              Single longer          management will be endured.                            University, including         Serious environmental effects
                     Sections.                                     term                  Service issue causing / contributing to loss of        adverse media coverage.        with some impairment of
                    $10m to $20m for a UTAS-wide                  hospitalisation.       more than 100 EFSLs.                                  Significant adverse            ecosystem function relatively
                     corporate governance risk or 5 - 10% of      Permanent             Subject viability threatened or loss of some           national media / public        widespread medium - long
                     budget.                                       disabilities           research and consultancy clients.                      coverage.                      term impacts, requiring
                    Major breach of Act, Regulations or           (multiple             Limited accreditation of Faculty or School with       Reputation impacted with       remediation, where
                     consent conditions that is expected to        persons).              conditions of accreditation and limitations            a significant number of        ecosystem will recover over
                     attract regulatory attention.                                        applied.                                               stakeholders.                  time once clean up has been
                    Investigation, prosecution and/or major                             Loss of 6 - 13 weeks lectures or research or          Breakdown in strategic         completed.
                     fine possible.                                                       other operational activity or work from such           and/or business               Environmental liability or
                                                                                          activity.                                              partnership.                   remediation cost $0.5m -
                                                                                         Critical infrastructure service loss for <1 month.                                    $5m.
    Catastrophic    Above $5m for Faculties, Institutes,         Multiple deaths.      Extreme event with potential to lead to failure of    Reputation and standing      Long term harm:
                     Schools, Centres, Divisions and              Multiple               most objectives or collapse of part of the             of the University affected    Very serious environmental
                     Sections.                                     permanent              business.                                              nationally and                 effects with significant
                    Above $20m for a UTAS-wide corporate          disability (5 plus    School viability threatened by loss / lack of          internationally.               impairment of ecosystem
                     governance type risk or 10% of budget.        persons).              students or loss of a significant number of           Serious public or media        function.
                    May be considered 'wilful' or 'negligent'                            research or consultancy clients (more than 10%         outcry (International         Long term, widespread
                     by regulator.                                                        of budget or 5 clients).                               coverage).                     effects.
                    Significant prosecution and fines likely.                           Non-accreditation of Faculty or School.               Reputation impacted with      Remediation required.
                    May result in significant litigation,                               Loss of 13+ weeks lectures or research or other        majority of key               Environmental liability or
                     including class actions.                                             operational activity or work from such activity.       stakeholders.                  remediation cost >$5m.
                    May jeopardise future approvals,                                    Critical infrastructure service loss for >1 month     Significant breakdown in
                     registration, licensing and funding.                                                                                        strategic and or business
                                                                                                                                                 partnerships.




4

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:1912
posted:4/18/2010
language:English
pages:4
Description: UNIVERSITY OF TASMANIA RISK MATRIX LIKELIHOOD SCALE