Purpose of the process
Understanding the risks while carrying out various activities is vital for the Trust to mitigate such risks. This process highlights the risks across various activities.
Risks are defined as “effect of uncertainty of objectives”. Risk management therefore involves the following:
❖ Evaluation of risks.
❖ Prioritising the risks.
❖ Treating the risks with appropriate mitigation plan.
❖ Developing contingency plans if the risks surface after mitigation.
❖ Communicating the risk and mitigation plans.
❖ Monitoring the risk.
❖ Closing the risk (if it is resolved).
A Risk Register will be maintained for this purpose.