Risk Treatment Mode
To specify risk treatment choices:
In the properties page of a risk, select the Treatment tab.
Risk Treatment Decision
Various solutions that enable facing the risk are proposed.
• Acceptance
This is the strategy of risk management that consists of accepting the risk having considered its consequences. As long as no desire to treat the risk is expressed, this strategy will not protect the organization against the risk.
• Reduction
Risk frequency can be reduced by installing additional controls, or the impact of its consequences can be reduced if the risk occurs.
• Transfer (sub-contractor)
The risk can also be shared with other partners, in particular when they have greater skills in controlling the risk. For example, you can sub-contract a dangerous activity to a partner specialized in the particular field. In such cases, it should be noted that it is often necessary to carry out a new risk study, since the introduction of a new partner can bring additional risks.
• Assurance
Complementing all previous approaches, it is often necessary to seek assurance, in particular for risks of low frequency but with high impact. In this case, the assurer generally requests that risk prevention and reduction measures are also installed.
Analyze the different possible scenarios, weighing up their positive and negative aspects, so as to select a scenario compatible with the desired risk control level.
Depending on the solution adopted, we consider the effect of different solutions in terms of frequency and impact as well as costs and benefits.
Risk levels
The choice of treatment should be the solution that brings risk within the tolerable limit required by management.
In the Target Risk field, you can indicate the level of risk accepted by the organization.