BSBRSK401 – Analyse and Evaluate Risks – Checkpoint 2

1. Risk identification is the ongoing risk management task of analysing the identified risks to the endeavour.

2. The second major risk factor that must be considered is what are the consequences of a certain hazard should it occur.

3. Risk analysis can typically occur at many stages of the business process.

4. There are many hazards in a workplace, and all of them will pose a significant risk of actually occurring on a regular basis.

5. The first stage of risk assessment is assessing the probability of harm actually occurring.

6. Your identified risks will always occur.

7. The Pareto Principle states that 80% of your risks will require 80% of your attention to control.

8. The higher the risk, the higher the consequences, the more stringent your controls should be.

9. Risk analysis should be conducted at least two months after risk identification.

10. Gap analysis consists of defining the present state, the desired or `target’ state and hence the gap between them.