Risk Mitigation: Plan, Evaluate, and Measure

Name: Risk Mitigation: Plan, Evaluate, and Measure
Author: Andrew Kovacks

Implementing and assessing your risk plans .

Preview the first lesson free — get full access to all 5 lessons.

Course: On-Demand

(gentle music) Welcome to Risk Mitigation: plan, evaluate and measure. Risk mitigation plans are designed to outline ways a company will eliminate or minimize risks. In these lessons, you will learn how to implement a risk mitigation plan, evaluate the plan's effectiveness, and understand the metrics used in evaluating the plan. All risk mitigation programs should be in writing. However, even the best written program is only as good as how well it is implemented. Each program can be designed to be specific to an operation, location or function. They can also be generic, applying to several operations. Historically, the more specific a program is to an operation, the more effective it will be. All programs should be flexible and revised as needed at least on an annual basis since many aspects of an operation can change. Any changes that affect procedures, whether small or large can have significant impacts on the mitigation process and should be done in conjunction with appropriate employee feedback. A manager probably will not know all the intricacies of a specific machine's operations. So attempting to lay out protocols without the operator's input could pose potential risks. First, you want to implement a quality-control program. In any process, you want to assure that quality of the product or of a process is of the highest caliber. This is best done by having supervision that is intimately familiar with the process and the function. Without a working knowledge of the program in question, there cannot be a quality oversight. Therefore, it is critical in any quality assurance or quality-control program that those individuals who are most familiar with the operations are in charge. Another mitigation process can be achieved through the implementation and enhancement of a comprehensive safety program. The safety program should include sufficient safeguards and methods of tracking that allow for immediate changes for short-term solutions, and improvements to offset or mitigate lost trends. That alone however, is not sufficient to mitigate accidents. Your supervisors should be skilled and aware of safety problems, and foster a safety culture with employees. The use of best work safety practices will allow any company to minimize delays and additional costs. Best work practices are specific to various industries and are generically grouped into job functions that have common attributes and exposures. This can be part of a comprehensive safety program or a standalone program geared toward the production aspect of your business. When considering the mitigation process with machinery, typically newer pieces have more safety features and are less likely to break down causing delays. Due to wear and tear, older machinery can create more hazardous scenarios. Assessing and mitigating the hazards of older machinery should be part of the mitigation process. In addition, all subcontractors should be assessed and it should be determined whether their production is in line with all schedules set forth in a contract. If for some reason the subcontractor's performance is substandard, then the mitigation process would include corrections with the subcontractor or replacement with one with higher quality performance. Throughout this process, training can also be a mitigation procedure to improve all areas of performance.

Advanced Provider : Andrew Kovacks 5 Lessons · 16m in Arabic, German, English, Spanish, French, Portuguese, Urdu, Chinese

Course Description

When you’re running a company, it’s always a best practice to eliminate or minimize risks. The best risk-mitigation plans are very precise and detailed. Each program can be designed to be specific to an operation, location, or function. Some risk-mitigation plans can apply to several operations, but the more specified they are, the more effective they’ll be. Developing a risk matrix can help in the mitigation process when you’re examining frequency vs. severity of losses. In this course, Risk Mitigation: Plan, Evaluate, and Measure, we’ll cover how to implement a risk-mitigation plan. You’ll also know how to evaluate your plan’s effectiveness by discovering metrics used in assessing your plan. You’ll also learn how you can evaluate your contingency plan and use quantitative measurement to validate your analysis and justify your claims when considering contingency planning activation. We’ll address methods you can use to prevent reoccurrences and losses in the future. You’ll also discover the importance of risk-reward analysis and project buffers.

What You'll Learn

Construct a precise, detailed risk-mitigation plan and implement it
Apply risk matrices to examine frequency versus severity of losses
Use quantitative measurements to validate your analysis and justify your claims
Evaluate your contingency plan and decide when to activate it
Assess your plan's efficiency using metrics for measuring effectiveness
Apply methods to prevent reoccurrences and future losses

Key Takeaways

When running a company, it is a best practice to eliminate or minimize risks.
The best risk-mitigation plans are very precise and detailed, and the more specified they are, the more effective they will be.
A risk matrix helps in the mitigation process by examining frequency versus severity of losses.
Quantitative measurement can validate your analysis and justify claims when considering contingency planning activation.
Risk-reward analysis and project buffers are important elements of the mitigation process.

Frequently Asked Questions

What will I learn in this course?

You will learn how to implement a risk-mitigation plan, evaluate its effectiveness using metrics, evaluate your contingency plan, use quantitative measurement to validate your analysis, and apply methods to prevent reoccurrences and future losses. The course also covers the importance of risk-reward analysis and project buffers.

What topics are covered in the lessons?

The lessons cover Implementing Your Plan, Using Risk Matrices, Quantitative Measurements, Evaluating Contingency Plans, and a Test Your Knowledge section.

What is a risk matrix used for in this course?

Developing a risk matrix helps in the mitigation process when examining frequency versus severity of losses.

What skills does this course help build?

It helps build skills in Hazard Mitigation, Loss Mitigation, Risk Analysis, Risk Management Planning, Risk Mitigation, and Risk Measure.