City of Stirling Transport Asset Managment Plan

6.2 Risk assessment The risk management process used in this project is shown in Figure 6.2 below. It is an analysis and problem-solving technique designed to provide a logical process for the selection of treatment plans and management actions to protect the community against unacceptable risks.

The process is based on the fundamentals of ISO Risk Assessment Standard ISO 31000:2009.

Establishing the context • Define the external context • Define the internal context • Define the risk management context • Develop risk criteria

Risk assessment

Risk identification • What can happen? (eg, the event) • How it can happen? (the causes) • What are the consequences? • Are there any other controls?

Risk analysis • Consider the effectiveness of current controls • Determine the consequence level • Determine the likelihood level • Determine the risk level

Monitoring and review

Communication and consultation

Risk evaluation • Compare risk level against criteria to determine if further treatment is required

Risk treatment • Identify treatment options • Evaluate treatment options • Select treatment options • Prepare treatment plans • Implement treatment plans

Figure 6.1 Risk management process

50