Analyse and Evaluate Risks Anh S Work Tools

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Analyse and evaluate risks Anh’s work tools

Anh used:

risk analysis tool
risk treatment action plan.

Problem

There have been a few robberies around town lately.
A lot of cash comes through my business and I have identified risks we are taking with the security of the cash.
There are seven other people who work for me and I need to make sure that the cash and the people are as safe as possible.

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Risk analysis tool

This tool assists in the analysis and evaluation of risks. (Use keys at end of this section to assist in completing this table.)

RISK # / RISK
(what can happen & how) / CURRENT CONTROLS & SUITABILITY / AFTER CONTROL
(Impact/
Likelihood) / LEVEL OF RISK / TREATMENT / PERSON RESPONSIBLE / RISK ACTION
PLAN NUMBER
1. / Staff member robbed while carrying cash to bank. / Banking of cash not mentioned in policies and procedures, although staff are told to go to the bank in pairs, whenever possible: ineffective / Impact: major
Likelihood: possible / Extreme / Review cash handling policies and procedures.
Run training session for all staff on cash handling procedures. / Owner/Manager / RAP #1
2. / Robbery of cash or other goods from premises. / Staff instructed to keep petty cash box and cash drawer closed and locked at all times: ineffective / Impact: major
Likelihood:
possible / Extreme / Arrange to move location of petty cash box and cash drawer away from front entry.
Review cash handling policies and procedures.
Run training session for all staff on cash handling procedures. / Owner/Manager / RAP#2

Risk treatment action plan

(Use keys at end of this section to assist in completing this table.)

Risk # from Register / Treatment / Risk level after treatment / Person responsible for treatment / Implement by date / Indicators to monitor / Person responsible for monitoring
1 / Review cash handling policies and procedures. / Reduce likelihood but not impact: risk level reduced to moderate / Owner/Manager / One month / Cash handling procedures updated. / Owner/Manager
Write up and run training session for all staff on cash handling procedures / Two months / Staff implementation of correct procedures for clearing cash from cash drawer, placing cash in safe and banking cash.
2. / Move petty cash box and cash drawer away from front entry. / Reduce likelihood but not impact: risk level reduced to moderate / Owner/Manager / Two weeks / Cash drawer and petty cash box moved and secured. / Owner/Manager
Write up and run training session for all staff on cash handling procedures. / Two months / Staff implementation of correct procedures for clearing cash from cash drawer, placing cash in safe and banking cash.

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KEYS

Impact (consequences) definitions

Level / Descriptor / Description
1 / Insignificant / No service impact; low financial loss
2 / Minor / Minimal disruption to service capability; medium financial loss
3 / Moderate / Interruptions to service delivery; high financial loss
4 / Major / Loss of service capability; major financial loss
5 / Catastrophic / Loss of business continuity; huge financial loss

Table 1: Impact (consequences)

Probability (likelihood) table of definitions

Level / Descriptor / Description
A / Almost certain / Is expected to occur in most circumstances
B / Likely / Will probably occur in most instances
C / Possible / Might occur at some time
D / Unlikely / Could occur at some time
E / Rare / May occur only in exceptional circumstances

Table 2: Probability (likelihood)

Level of risk matrix

IMPACT / Insignificant / Minor / Moderate / Major / Catastrophic
PROBABILITY
Almost certain / H / H / E / E / E
Likely / M / H / H / E / E
Possible / L / M / H / E / E
Unlikely / L / L / M / H / E
Rare / L / L / M / H / H

Table 3: Level of risk matrix

Riskand acceptability levels

E = extreme risk; immediate action required

H = high risk; senior management attention needed

M = moderate risk; management attention must be specified

L = low risk; manage by routine procedures

Acceptability / Risk level
Acceptable / Low and Moderate
Not acceptable / High and Extreme

Table 4: Risk and acceptability levels

Review

This really highlighted how important it is not to assume that all staff know how to handle cash safely and securely. I need to keep my procedures up-to-date and also set up systems so that all staff are trained in how to keep cash safe.

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