management of outcomes insurance & business continuity services 20 th january 2011

Management of Outcomes

Insurance & Business Continuity Services

20th January 2011

Introduction

Strategic, Operational & Insurance risk –

what is the difference?

Who is responsible for each one

Management of Outcomes

What is it?

Why?

Risk assessment

What you can do to help

Temporary retail unit:Policy condition that there is no access to underside of

the temporary unit (risk of arson)

Replacement value £250,000.

Insurance risk – Yes, definitely. There is a possibility that the unit is not insured against fire damage.

Action required – yes, advise manager with responsibility and diary to follow-up. Update insurer when work completed or to discuss co-insurance if action not taken.

Temporary retail unit:Policy condition that there is no access to underside of

the temporary unit (risk of arson)

Replacement value £250,000.

Strategic risk - No, definitely not. Not likely to cause any long term damage to University

Action required – No. This is not a strategic matter.

Temporary retail unit:Policy condition that there is no access to underside of

the temporary unit (risk of arson)

Replacement value £250,000.

Operational risk – Yes, but may not be high priority. This depends on the ability of the operational area to take a hit of £250,000 if the insurance claim were to be refused.

Action required – Yes. Review original risk assessment to confirm priority. Remedial work completed when appropriate.

What risk assessment...?

Management of OutcomesWhat is it?

A simplified system for creating risk assessments that can be utilised over and over again thereby saving much time and effort

Why?

Risk management is often seen as a negative

subject

What really matters is what you are trying to

achieve – the outcome. How many risk registers

have you seen that refer to this?

So, we want to talk about managing activities to

achieve the desired outcome

Risk register example

What can you do to help?

• Be risk aware – ask to see the risk assessment for the activity in question. If there is one it will tell you quite a lot. If there isn’t one, that will tell you quite a lot too!

• If you have particular concerns, talk to us.

Questions