NatureCare Products Risk Management Plan

The English term “likelihood” does not have a direct equivalent in some languages; instead, the equivalent of the term “probability” is often used. However, in English, “probability” is often narrowly interpreted as a mathematical term. Therefore, in risk management terminology, “likelihood” is used with the intent that it should have the same broad interpretation as the term “probability” has in many languages other than English.

Consequence:

Outcome of an  affecting objectives. An event can lead to a range of consequences. A consequence can be certain or uncertain and can have positive or negative effects on objectives. Consequences can be expressed qualitatively or quantitatively. Initial consequences can escalate through knock-on effective.

Risk Assessment:

Since risk assessment and management is essential in security management, both are tightly related. Security assessment methodologies like CRAMM contain risk assessment modules as an important part of the first steps of the methodology. On the other hand, risk assessment methodologies like Mehari evolved to become security assessment methodologies. An ISO standard on risk management (Principles and guidelines on implementation) was published under code ISO 31000 on 13 November 2009.

Risk Analysis:

There are many formal methods used to "measure" risk. Often the probability of a negative event is estimated by using the frequency of past similar events. Probabilities for rare failures may be difficult to estimate. This makes risk assessment difficult in hazardous industries, for example nuclear energy, where the frequency of failures is rare, while harmful consequences of failure are severe.

Risk Control Methods:

If you’re serious about mastering risk control, the above guide will get you well on your way. Here is just a taste of what you will learn. If you’re a business leader, then you already know the importance of risk control. It’s imperative that your business has a formal policy to limit the loss of assets and income. Here are the 6 techniques associated with risk control.

1. Avoidance
2. Loss Prevention
3. Loss Reduction
4. Separation
5. Duplication
6. Diversification

Risk Management Process:

In business, risk management is defined as the process of identifying, monitoring and managing potential risks in order to minimize the negative impact they may have on an organization. Examples of potential risks include security breaches, data loss, cyber attacks, system failures and natural disasters. An effective risk management process will help identify which risks pose the biggest threat to an organization and provide guidelines for handling them.

Risk Register:

A risk register (PRINCE2) is a scatterplot used as risk management tool and to fulfill regulatory compliance acting as a repository for all risks identified and includes additional information about each risk, e.g. nature of the risk, reference and owner, mitigation measures.

Risk Action Plan

A risk action plan is the course of action which an organization agrees upon to help them to address potential risks, reduce the likelihood of these risks occurring and to lessen the impact of these risks if they do occur. A plan is created to ensure that the right actions are carried out in a timely manner.