Management of Outcomes Insurance & Business Continuity Services 20th January 2011
Introduction • Strategic, Operational & Insurance risk – what is the difference? • Who is responsible for each one • Management of Outcomes • What is it? • Why? • Risk assessment • What you can do to help
Temporary retail unit: Policy condition that there is no access to underside of the temporary unit (risk of arson) Replacement value £250,000. Insurance risk – Yes, definitely. There is a possibility that the unit is not insured against fire damage. Action required – yes, advise manager with responsibility and diary to follow-up. Update insurer when work completed or to discuss co-insurance if action not taken.
Temporary retail unit: Policy condition that there is no access to underside of the temporary unit (risk of arson) Replacement value £250,000. Strategic risk - No, definitely not. Not likely to cause any long term damage to University Action required – No. This is not a strategic matter.
Temporary retail unit: Policy condition that there is no access to underside of the temporary unit (risk of arson) Replacement value £250,000. Operational risk – Yes, but may not be high priority. This depends on the ability of the operational area to take a hit of £250,000 if the insurance claim were to be refused. Action required – Yes. Review original risk assessment to confirm priority. Remedial work completed when appropriate. What risk assessment...?
Management of Outcomes What is it? A simplified system for creating risk assessments that can be utilised over and over again thereby saving much time and effort Why? Risk management is often seen as a negative subject What really matters is what you are trying to achieve – the outcome. How many risk registers have you seen that refer to this? So, we want to talk about managing activities to achieve the desired outcome
What can you do to help? • Be risk aware – ask to see the risk assessment for the activity in question. If there is one it will tell you quite a lot. If there isn’t one, that will tell you quite a lot too! • If you have particular concerns, talk to us.