Introduction to risk treatment Flashcards
1
Q
How are hazard risks treated?
A
Tolerate, Treat, Terminate, Transfer
2
Q
What is a definition of risk treatment?
A
Process of developing, selecting and implementing controls
3
Q
How are opportunity risks treated?
A
4Es
Exploit - exploit until a competitor arrives.
Exit - If the risk is intolerable.
Exist - Mature organisations may choose to exist.
Explore - Find new opportunities for greater reward.
Potential 5th E - Expand if resources allow.
