RiskAction: Risk Management Actions
This template can help to elaborate recommendations for risk management. If your study does not include such recommendations, you can
ignore them. Risk management actions are required for all risk levels except low risks. Extremely high risks and high risks should be avoided
or reduced. Target risk levels should be set and actions taken in order to reach them. All risks above a factor of 4 should be monitored and
reported and risk management responsibilities should be assigned.
Risk Factor
Description
Action
(1) Options for risk treatment: avoid, reduce, transfer, or retain risks; evaluate consequences and
9-10
Extremely high risk
conduct cost / benefit analysis of options; select best option; set target risk level; assign
responsibilities; develop time table;
(2) Monitor the risks
(3) Report the risks
(1) Options for risk treatment: avoid, reduce, transfer, or retain risks; evaluate consequences and
7-8
High risk
conduct cost / benefit analysis of options; select best option; set target risk level; assign
responsibilities; develop time table;
(2) Monitor the risks;
(3) Report the risks;
(1) Options for risk treatment: avoid, reduce, transfer, or retain risks; evaluate consequences and
5-6
4 and below
Moderate Risk
Low risk
conduct cost / benefit analysis of options; select best option; set target risk level; assign
responsibilities; develop time table;
(2) Monitor the risks;
(3) Report the risks;
No action required
Source: Risk Management Toolkit – Australian Capital Territory Insurance Authority, see http://www.treasury.act.gov.au/actia/Risk.htm