CAMO Risk Management and use of a Risk matrix

CAMO Risk Management and use of a Risk matrix

We have previously considered some topics for awareness regarding risk assessment and safety management; today we will consider how the use of a risk matrix can assist you.

If we think about a high-level view of the process of risk assessment, we can see one step is to evaluate the risk:

– Identify the topic (hazard).
– Determine your risks from the tasks carried out.
– Evaluate the risks and decide on control measures.
– Record your findings and implement them.

Evaluating risk in CAMO can be assisted by the use of a risk matrix and in large companies there is commonly a risk matrix that they have applied for their specific needs, and you will be expected to use this.

As risk = probability * consequence; the matrix will have 2 sides to it.
One side will be the probability such as:

– Very Low: 1 1 in 100
– Low: 2 1 in 10
– Medium: 3 1 in 5
– High: 4 1 in 2
– Very High: 5 ≥ 1 in 2

The remaining side will be consequence such as:

– Minimal or no consequence.
– Minor impact / consequence.
– Moderate impact / consequence.
– Significant impact / consequence.
– Severe impact / consequence.

You might change the terminology to suit your considerations.
Each side is then assigned a number such as 1 through 5 for each where 1 is low/minimal.

This means then as you classify your risk on the matrix you can determine a risk value – this value can then be determined if it is acceptable or not acceptable; mitigation and control measures can be used to reduce risk when they can impact the consequence or probability.

You can expand the matrix to multiple considerations such as performance impact or capability impact as a consequence.

You can determine then values which as an organisation you accept and those you do not; those which need mitigation or control measures.

This is a key part of the CAMO consideration when reviewing your risk and maintaining control.

Follow us to learn more and why not take a look at the different courses we offer including Risk & Safety Management